Cryptocurrency miner Argo Blockchain plans to sell its data center in Texas for $65 million to Galaxy Digital and refinance loans.
The company intends to sell Galaxy the Helios facility in Dickens County as well as all its associated properties. According to the announcement, the 23,619 Antminer S19J Pro miners will continue to work on a hosting basis and will serve as collateral for a $35 million loan from Galaxy over a period of 3 years.
Argo will use the funds to pay off debts to NYDIG, to which it owes $84 million, and North Mill Commercial Finance, whose debt amounts to about $1 million.
The company CEO Peter Wall has commented:
“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.“