7 months ago
Bitcoin miner Argo Blockchain sold 1 of its sites to repay indebtedness amid its declining BTC accumulation past month.
Argo sells tract to repay debt
In a Mar. 5 statement, the miner explained that it sold its Mirabel Facility successful Quebec for $6.1 million.
Following the sale, Argo allocated $4 cardinal to settee debts owed to Galaxy Digital, efficaciously reducing its indebtedness to astir $14 cardinal arsenic of Feb. 29. This marks a important 60% alteration from the archetypal Galaxy indebtedness of $35 million.
Argo clarified that the remainder of the proceeds from the merchantability were utilized to settee the outstanding owe of the Mirabel Facility. Additionally, the institution plans to relocate miners from the Mirabel tract to its Baie Comeau installation successful Quebec.
The Mirabel facility, boasting a powerfulness capableness of 5 megawatts (MW), volition spot its miners shifted to the Baie Comeau site, portion older miners, representing 140 PH/s, volition beryllium liquidated.
Thomas Chippas, Argo CEO, said:
“We are capable to exit the Mirabel Facility with a precocious aggregate connected its powerfulness capacity, and we besides recognize a premium connected this existent property plus portion maintaining a beardown hashrate capableness of 2.7 EH/s.”
In 2021, Argo borrowed to grow its mining endeavors without selling its BTC holdings. However, owed to the marketplace downturn successful 2022, Argo sold its Texas Helios mining tract to Galaxy Digital for $65 cardinal and secured a caller $35 cardinal from Galaxy to wide different outstanding loans.
BTC accumulation declines
The miner revealed that its BTC accumulation fell 21% successful February to 92 BTC oregon 3.2 BTC per time owed to a maintenance-related outage astatine the third-party-owned Cottonwood substation.
Besides that, Argo besides explained that its accumulation was negatively impacted by the BTC network’s rising mining difficulty. Last month, CryptoSlate reported that BTC’s mining trouble deed a grounds high of much than 81 trillion.
As a effect of these issues, the firm’s mining gross for the period decreased by 15% month-on-month to $4.5 million. Argo holds astir 14 BTC arsenic of Feb. 29.
The station Bitcoin miner Argo Blockchain sells Quebec tract for $6.1 cardinal to slash debt, amidst declining BTC production appeared archetypal connected CryptoSlate.
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