DICKENS COUNTY, Texas (KCBD) – A flagship crypto-mining facility in Dickens County announced it is selling to a Canadian-based firm. The facility has only been operating for less-than six months.
The Argo Blockchain announcement came in early-morning hours on Wednesday, Dec. 28. Chief executive, Peter Wall, posted a video of the announcement on YouTube.
The flagship Helios facility will now be under the ownership of Galaxy Digital Holdings. The sale was for $65 million.
The Texas Spur reports, this will allow Argo Blockchain to avoid bankruptcy and reduce debt. The Dickens County facility has only been operating for less-than six months.
“This transaction with Galaxy is a transformational one for Argo and benefits the Company in several ways,” Wall said in an online statement. “It reduces our debt by $41 million (£34 million) and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market.”
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