Argo Blockchain (ARBK), a bitcoin miner, will avoid filing for bankruptcy after deciding to sell Galaxy Digital (GLXY), the Helios mining plant in Dickens County, Texas, for $65 million. Galaxy Digital will purchase Argo’s Helios facility and loan the miner $35 million to assist with restructuring.
According to the miner, the $35 million loan from Mike Novogratz’s cryptocurrency-focused financial services company will be backed by Argo’s mining hardware. Peter Wall, CEO of Argo, adds that they had been searching for a means to continue mining while lowering their debt and accessing critical power supply from Texan systems.
Source: https://crypto.news/galaxy-digital-injects-65-million-into-struggling-bitcoin-miner-argo-blockchain/