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Argo Blockchain to sell Helios mining facility to Galaxy Digital

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Argo Blockchain to sell Helios mining facility to Galaxy Digital

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

The company has been trying to avoid bankruptcy as it struggles with cash flow issues alongside a good part of the industry. High energy costs combined with lower bitcoin prices and increasing difficulty have contributed to a loss of profit and squeezed margins.

Argo warned investors in October that it would need extra capital to keep operations going for the next few months after a deal fell through.

The miner was temporarily suspended from trading on the London Stock Exchange earlier this month after accidentally posting it had filed for bankruptcy protection. Trading was again suspended on Nasdaq Tuesday in anticipation of the announcement.

The bitcoin mining industry has seen profit margins shrink over the past few months. In September, bitcoin mining hosting company Compute North filed for bankruptcy. Last week, giant Core Scientific also filed for Chapter 11 bankruptcy protection.

Source: ethereum.today

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