Argo Blockchain will sell its flagship facility for debt reduction

Major mining company Argo Blockchain, which has suffered from a long bearish trend in the crypto market, has made the difficult decision to sell Helios, its best cryptocurrency mining facility. 

The looming deal was announced by the company’s CEO Peter Wall, outlining the amount of $65 million. The buyer is Galaxy Digital, owned by Mike Novogratz. Note that Argo had previously sold mined bitcoins to reduce the amount owed to Galaxy. 

Argo Blockchain also agreed to a $35 million loan to pay off a portion of NYDIG’s debt. Peter Wall said that the main goal of the BTC miner is to reduce the number of liabilities, as well as improve the operating structure and liquidity levels. As a result, the company will be able to continue mining cryptocurrency. 

According to Argo Blockchain’s CEO, selling the facility does not mean selling the hardware either:

The mining machines will continue to work at Helios. By staying there, we will be able to have access to the Texas power grid. 

Helios has a 200 MW capacity. It was launched in May in Dickens. As for Argo Blockchain, the company has been hit hard by the crisis in the crypto industry. It is now actively searching for funding, particularly after a $27 million fundraising deal broke down.