Selling Helios facility was “only viable path forward” through the bear market for Argo Blockchain, CEO Peter Wall said.
Additionally, Galaxy will also provide Argo with a new $35 million equipment finance loan to help the troubled miner reduce its debt. “We’ve used the proceeds of that sale in a new Galaxy loan to pay off the debt that we owed to NYDIG and a tiny bit to another secured lender,” Wall noted.
The new transactions aim to reduce Argo’s total debt by $41 million, improve liquidity and operating structure, allowing the firm to continue its mining operations, the CEO said. Wall noted that the deal was the “only viable path forward” through the bear market, amid pressure from high energy costs coupled with the low Bitcoin price.
The CEO also emphasized that despite Argo selling Helios, the firm has not sold any of its mining machines. “Those are going to continue to mine at Helios facility,” Wall said, adding that Argo has also signed an agreement to keep running their mining machines at Helios. He stated: “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.”
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