Argo Blockchain is a world-leading cryptocurrency miner that promote the use of renewable sources of power to support the extension and development of blockchain technologies.
The company is headquartered in London (UK) and has other offices all around North America.
Argo is the owner of Helios, a mining construction in Texas.
Helios includes about two or three steps. The first one is almost done and consist of 126.000 square foot data center and almost 50.000 mining machines.
Helios will take almost 800 MW of electricity.
The project permits to use Argo’s immersion-cooling technology which allows for cost-effective, high-speed warmer climates.
To survive the ongoing difficult market, Argo took the decision to sell Helios to Galaxy Digital.
For $65 million, the digital asset and blockchain leader bought Argo’s spearhead.
Argo has already been cashing its Bitcoin to reduce the credit with Galaxy.
Galaxy will supply Argo with $35 million finance to help the English society to reduce its debt.
The new agreement reduces the debt by $41 million.
Argo CEO said:
“Staying at Helios will also allow us to continue to access power through the Texas grid and participate in the ancillary services, which are provided by Ercot”.
Due to Helio’s sell, Argo Blockchain, on Dec. 27 2022, was forced to suspend trading of its American Depositary Shares on Nasdaq.
In fact, the sale of Helio was inevitable in order to avoid practically imminent bankruptcy.
On Dec. 9, Argo shared accidentally a document of bankruptcy declaration but the team responded that it had not actually present for bankruptcy.
It’s Argo’s location that produce 100% renewable power.
The construction is over 40.000 square feet and generates 15 MW.
Mirabel is the oldest construction that is over 20.000 square feet.
It’s a data center and also a cleaning and repair center.
FinnCap’s analysts said that Argo Blockchain is “excellently positioned to capitalise when conditions change” .
Argo Blockchain in fact has the promptness and solidity to react during tough market conditions.
Is well positioned to capitalize when conditions are favorable.
READ ABOUT AI & MI APPLIED TO FINANCE…
Chiara Chiommino is a graduating student in science of communication with work’s experience in social media marketing and web marketing as Brand Manager for Italian Cigar Group SRL. She took part in an internship experience entitled "Il Metaverso" in Italy.