Altcoin News by Thebittimes.Com

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....

The Bitcoin [BTC] mining industry was one of the most affected sectors amidst the ongoing bear market. With BTC’s price at a fairly low level, mining the king coin hasn’t been very profitable. Prominent mining firms were seen crumbling as BTC failed to garner support. Core Scientific was even on the verge of filing for bankruptcy. However, the platform seems to have found a way out. B.Riley Financial, one of the largest creditors of Core Scientific wrote an open letter to the shareholders as well as lenders of the firm. The financial services platform noted how bankruptcy was unnecessary while putting forth a $72 million financial place. Through this, B. Riley hoped to prevent Core Scientific from filing for Chapter 11 bankruptcy. Following this proposal, Core Scientific’s stock witnessed a prominent spike. Back on December 12, the shares of the Bitcoin mining firm were at a low of 13 cents. However, following a 200 percent surge, it jumped up to a high of 43 cents,...