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Argo Blockchain to sell Helios mining facility to Galaxy Digital

Argo Blockchain to sell Helios mining facility to Galaxy Digital


Mining

www.theblock.co

28 December 2022 08:19, UTC

  

Studying time: ~2 m


Bitcoin miner Argo Blockchain agreed to promote its Helios mining facility to Galaxy Digital for $65 million.

The corporate has been attempting to keep away from chapter because it struggles with money circulation points alongside a great a part of the business. Excessive vitality prices mixed with decrease bitcoin costs and rising issue have contributed to a lack of revenue and squeezed margins.

Argo warned buyers in October that it could want further capital to maintain operations going for the following few months after a deal fell via.

The miner was briefly suspended from buying and selling on the London Inventory Alternate earlier this month after by accident posting it had filed for chapter safety. Buying and selling was once more suspended on Nasdaq Tuesday in anticipation of the announcement.

The bitcoin mining business has seen revenue margins shrink over the previous few months. In September, bitcoin mining internet hosting firm Compute North filed for chapter. Final week, large Core Scientific additionally filed for Chapter 11 chapter safety.


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