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DICKENS COUNTY, Texas (KCBD) – A flagship crypto-mining facility in Dickens County has announced that it is selling to a Canadian-based company. The facility has only been running for less than six months.
The Argo Blockchain announcement came early in the morning on Wednesday, December 28. Chief Executive Peter Wall posted a video of the announcement on YouTube.
The Helios flagship facility will now be owned by Galaxy Digital Holdings. The sale was for $65 million.
According to the Texas Spur, this will allow Argo Blockchain to avoid bankruptcy and reduce debt. The Dickens County facility has only been operating for less than six months.
This transaction with Galaxy is transformational for Argo and benefits the company in several ways, Wall said in an online statement. It reduces our debt by $41 million ($34 million) and provides us with a stronger balance sheet and improved liquidity to help ensure continued operations during the current bear market.
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