Argo Bitcoin miner acquires $100M from Galaxy Digital to avoid bankruptcy
As seen throughout the year, bankrupt cies have been increasingly common in the crypto industry. The Bitcoin [BTC] mining ecosystem in particular lost quite a bit. Prominent miner Core Scientific recently filed for bankrupt cy. While Argo Blockchain hinted at the possibility of going bankrupt , Mike Novogratz’s Galaxy Digital came as its saving grace. According to recent reports, Argo Blockchain will not be filing for bankruptcy protection. This news comes after the firm put its Helios mining facility in Dickens Country, Texas on sale. Novogratz’s crypto firm will be buying this mining facility for $65 million. In addition to this, Argo will also receive a loan of $35 million. Furthermore, Argo will sign a two-year hosting deal with Galaxy, guaranteeing a location for Argo’s computers to continue mining at the Helios facility. It should be noted that Helios is Argo’s biggest mining facility. It entails a whopping 180 megawatts [MW] worth of power capacity....