Argo

Thomas

Galaxy

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/argo-blockchain-repays-35-million-loan-to-galaxy-digital/" data-wpel-link="internal">Argo Blockchain Repays $35 Million Loan to Galaxy Digital</a><br></p>
<p class="p1" style="text-align: justify"><a href="https://en.coin-turk.com/analyst-warns-of-potential-bitcoin-price-correction/" data-wpel-link="internal">Bitcoin</a> miner <strong>Argo Blockchain</strong> completed the repayment of $35 million borrowed from asset manager Galaxy Digital in 2022 to avoid bankruptcy during the crypto bear market, according to a company filing dated August 12. Argo CEO Thomas Chippas stated that the repayment was a significant milestone for Argo and was achieved without a meaningful impact on Argo’s hashrate.</p> 
<h2 class="p1" style="text-align: justify" id="significant-step-by-the-mining-company">Significant Step by the Mining Company</h2> 
<p class="p1" style="text-align: justify"><strong>Hashrate</strong> measures the computational power of a <a>crypto mining</a> operation and is directly related to how much Bitcoin a miner can earn over a certain period. In December 2022, Argo narrowly avoided bankruptcy by agreeing to a multi-part deal with Galaxy, which included selling its Helios Bitcoin mining facility in Dickens County, Texas, for $65 million and refinancing its debt with a $35 million loan.</p> 
<p class="p1" style="text-align: justify">Argo stated that the loan was secured by Argo’s 23,619 Bitmain S19J Pro mining machines currently operating at Helios and certain machines located at Argo’s data centers in Canada. As part of the agreement, Argo agreed to lease back the space at Helios to continue operating its Bitcoin mining equipment.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379123 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/coinwarz.webp" alt="" width="1161" height="812"></p> 
<p class="p1" style="text-align: justify">According to Argo’s 2023 annual report, the company has since continued to enhance its mining capabilities and deployed approximately 2,750 <strong>BlockMiner</strong> machines from ePIC Blockchain Technologies in the third quarter of 2023. With these developments, especially the repayment of the company’s debt, the company expects to increase its earnings and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investments</a>.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
<p class="p1" style="text-align: justify">By the end of 2023, Argo had a hashrate of 2.7 exahash (EH/s) per second. According to data from <strong>CoinWarz</strong>, the total hashrate of the Bitcoin network is currently 677.43 EH/s. In July, the company announced that Argo was mining an average of 1.5 Bitcoin per day, totaling 48 Bitcoin.</p> 
<p class="p1" style="text-align: justify">According to a report by Benchmark analyst Mark Palmer, Galaxy announced plans on August 1 to expand and monetize the high-voltage power capacity at its flagship Helios data center in Dickens County, Texas. Palmer stated that Helios would benefit from the expected enormous power demand from <a href="https://futurearticles.co/openai-gpt-4o-vs-anthropic-claude-3-5-who-will-win-the-duel/" target="_blank" rel="noopener" data-wpel-link="exclude">artificial intelligence</a> (AI) and high-performance computing (HPC) projects.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/argo-blockchain-repays-35-million-loan-to-galaxy-digital/" data-wpel-link="internal">Argo Blockchain Repays $35 Million Loan to Galaxy Digital</a></h5>
<p>The post <a href="https://en.coin-turk.com/argo-blockchain-repays-35-million-loan-to-galaxy-digital/" data-wpel-link="internal">Argo Blockchain Repays $35 Million Loan to Galaxy Digital</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Argo Blockchain Repays $35 Million Loan to Galaxy Digital

Table of Contents

COINTURK NEWS

Other articles published on Aug 12, 2024

XRP Reclaims Third Spot in July’s GMO Coin Trading Rankings Amid Regulatory Developments

Doge2014’s Tokenomics and Marketing Strategy Fuel Growth: Investors Accumulate More Tokens in the...

Dogecoin Whales Push New Ethereum Token To Soar 3,200% In 15 Days

Bitcoin Experiences Significant Drop as Investors Brace for Economic Data

What is Ethena Labs’ USDe Stablecoin?

Space and Time Labs Appoints Former Bitstamp Legal Chief as New CLO

Join our free newsletter for daily crypto updates!