bitcoinmining company Argo Blockchain, Texaslocated in Heliosmining plant 65 milliondollars Galaxy Digitalwill sell to .
The challenging processes in the crypto money market continue to negatively affect crypto organizations. By the end of the year, it was observed that the crypto winter was not over yet. Among the organizations affected by these processes, bitcoin miners were also included. Many bitcoinThe miner was on the verge of bankruptcy due to falling earnings and liquidity problems. Slang Blockchain stated that he was under the influence of difficult processes and could file for bankruptcy. However Galaxy digital, Slang‘from HeliosHe assumed a savior role by purchasing the facility.
Argo Blockchain on the Verge of Bankruptcy Signs Sales Agreement with Galaxy Digital
On the brink of bankruptcy after the FTX events bitcoinminer Slang Blockchain, Galaxy digitalhad an agreement with. bitcoinminer, production facility Galaxy digitalIt will meet its liquidity needs by selling to .
After this sale Slang will be able to avoid applying for bankruptcy protection. It will also have the opportunity to restructure bitcoinminer, 35 millioncan use a dollar loan.
SlangCEO Peter wall, “For the past few months, we’ve been looking for a way to continue mining in the bear market, reduce our debt load, and maintain access to the unique power grid in Texas.” said. wall, Galaxy digital He underlined that this agreement with the company achieved its goals. Moreover CEOHe said this deal gives him a new chance to fight another day.