Crypto Miner Argo Blockchain Plans to Sell its Texas Mining Center to Galaxy Digital for $65M

Mining company Argo Blockchain has announced a series of strategic deals with Galaxy Digital which involve the sale of its data center in Texas to Galaxy Digital for $65 million and refinance loans.

According to the announcement, the company intends to sell Galaxy the Helios facility in Dickens County with all associated properties. The equipment fleet, which consists of 23,619 Antminer S19J Pro miners with a total hash rate of around 2.36 EH/s, will continue to work on a hosting basis.

Argo will use the funds to pay off ahead of schedule debts to NYDIG and North Mill Commercial Finance.

Peter Wall, CEO of Argo Blockchain, has commented on the deals:

“The Galaxy deal is transformational for Argo and benefits in several ways. It reduces our debt by $41 million, provides a stronger balance sheet and increased liquidity to continue operations in a bear market.”