Argo Blockchain to sell Helios mining facility to Galaxy Digital
Bitcoin miner Argo Blockchain agreed to promote its Helios mining facility to Galaxy Digital for $65 million.
The corporate has been making an attempt to keep away from chapter because it struggles with money move points alongside a great a part of the business. Excessive power prices mixed with decrease bitcoin costs and growing problem have contributed to a lack of revenue and squeezed margins.
Argo warned traders in October that it could want additional capital to maintain operations going for the subsequent few months after a deal fell by way of.
The miner was briefly suspended from buying and selling on the London Inventory Alternate earlier this month after unintentionally 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.