The Argo Blockchain's reality

The Argo Blockchain’s reality 

28 December 2022

Category

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. 

Helios 

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. 

Galaxy Digital 

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”.

Nasdaq 

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. 

Baie Comeau 

It’s Argo’s location that produce 100% renewable power. 

The construction is over 40.000 square feet and generates 15 MW. 

Mirabel 

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 

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. 

SOURCE: CoinTelegraph 

READ ABOUT AI & MI APPLIED TO FINANCE…

Recent Post
Dubai: new crypto regulations for VASP

Dubai: new crypto regulations for VASP

cinematic universe

A new Cinematic Universe 3.0

Token of cryptocurrency

Some interesting facts about cryptocurrencies listed by ChatGPT

EUROe: the stablecoin made in EU

We are nature

Artifact: the new way to live the life

Artifact: the new way to live the life

1 2 3 31
TheMetaEconomist 2022 - Privacy / Cookies
crossmenu