Galaxy Digital buys Helios from Argo Blockchain for $65,000,000

Argo Blockchain announced that they are selling their Helios project. The reason for this was the debts, with which they need to fight in every possible way. The company received a loan of $35,000,000. After they stopped trading on the NASDAQ exchange, the company said in a press release that it decided to sell Helios after all.

The buyer was Galaxy Digital Holding, which will acquire the project for $65,000,000. This will help Argo Blockchain reduce its total debt by $41,000,000, which will improve and simplify the company's operating structure.

In addition, proceeds from the sale will strengthen the liquidity of financial assets. As for the restructuring, it was carried out in order to preserve the company's operations. Their mining hardware will continue to be on the Helios site and in use.

Helios is a territorial facility consisting of 50,000 mining rigs. They were placed over an area of 11 square kilometers. Such equipment requires a power of 200 megawatts. The platform is located in Texas, in Dickens County.

Due to the crypto winter and force majeure, Argo Blockchain, like all other miners, faced great difficulties that the company cannot overcome. The value of the flagship cryptocurrency fell so much that Argo Blockchain was forced to sell Helios. In addition, energy prices were raised, which negatively affected the company's spending.