As per the recent development, the crypto mining firm Argo blockchain has decided to sell Helios. The move follows the desire to survive in an already difficult market and to avoid filing for bankruptcy. Argo announced its deal with Galaxy Digital to sell Helios for approximately $65 million and has even cashed out all of its mined Bitcoin. The main reason for doing so drastically reduces the loan to Galaxy. The debt is also planned to be reduced via Galaxy’s provision of an equipment finance loan worth $35 million.
As stated by Argo, it tried to find alternatives that would help it survive current market conditions. The search even included reducing the total debt and maintaining access to its power grid in Texas. By selling Helios off to Galaxy Digital, it has become easier for Argo to achieve all of these needs. This deal would eliminate the need for filing for bankruptcy and help the blockchain maintain its balance sheet. Previously, the firm faced a great bottleneck when a deal of almost $27 million fell through in October this year. Earlier this month, Argo announced that it would have to sell some of its assets.
Helios was Argo’s greatest mining facility, capable of having 180 megawatts worth of power capacity. It is soon expected to establish itself as Galaxy’s leading mining operation. There is a plan to push to 800 megawatts of energy consumption and 20 EH/s of computing power. If it is expanded to its maximum potential, Galaxy could become one of the greatest Bitcoin miners.
Argo Sells Helios. What’s Next?
Galaxy stated that access to quality infrastructure and low-cost energy is the requirement for successful mining. Despite the deal, Argo didn’t sell any of its computers. They would continue operating at the Helios facility under the 2-year agreement with Galaxy Digital.
By acquiring Helios, Galaxy Digital would hope to establish itself among the most trusted nodes of a decentralized future. The acquisition also represents a new stage in the firm’s two-year journey in Bitcoin mining. This advancement would also increase the firm’s operational scale and the breadth of solutions. The end result would be creating sustainable value for the biggest decentralized digital asset network.