Argo shares soar following $65M sale of mining facility to Galaxy digital Oluwapelumi Adejumo · 16 hours ago · 2 min read The Helios facility sales’ proceeds and part of the loan would be used to repay all of its indebtedness, including that owed to crypto lender NYDIG.2 min read Updated: December 28, 2022 at 11:56 am Cover art/illustration via CryptoSlate Struggling Bitcoin (BTC) miner Argo Blockchain sold its Helios mining facility in Texas to Galaxy Digital for $65 million and also got a $35 million loan from the company as part of the deal, according to a Dec.28 statement.Following the news, Google Finance data shows that its London shares were up by over 100% to £7.22 as of press time.Argo repays old loans using new financing According to the press statement, Argo used the proceeds from the Helios facility sales and part of the loan to repay its debt, which includes the money it owes crypto lender NYDIG.In a separate video, CEO Peter Wall confirmed that the firm had repaid its NYDIG debt and another secured lender using the proceeds of its new deal.Wall said: “This transaction with Galaxy is a transformational one for Argo and benefits the Company in several ways.It reduces our debt by $41 million and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market.” According to Wall, the new deal was the only “only viable path forward” for the company considering Bitcoin’s declining value and the rising energy cost.
Argo maintains equipment ownership Argo’s mining equipment in the Helios facility would remain operational.The firm said it maintains ownership of all the mining machines in that facility, adding that it has entered into a two-year hosting agreement with Galaxy.Argo will pay Galaxy an undisclosed hosting fee.Meanwhile, Argo secured its Galaxy loan by using its 23,619 Bitmain S19J Pro mining machines currently operating at Helios and some of its machines located in data centers in Canada as collateral.
The firm added that its focus is growing and optimizing the operations at its two data centers in Quebec, Canada, fully powered by low-cost hydroelectricity.Argo disclosed that it will not yet report its earnings for the third quarter of 2022.The firm also added that its stock trading would resume on Dec.28 when both the London Stock Exchange and the Nasdaq are open for trading.Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec.27, as the company expects to make an announcement on Wednesday, Dec.
28, 2022.The company’s stock has lost 96.34% year-to-date and on Dec.
12, the bitcoin miner “advanced negotiations with a third party to sell certain assets” in order to “strengthen its balance sheet and improve its liquidity.” Argo Blockchain Requested a Suspension of Stock Trading Pending an Official Announcement On Tuesday, Dec.27, 2022, the publicly-listed bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has requested the suspension of trading its shares via Nasdaq and the London Stock Exchange as well.Argo detailed that it believes trading will resume after the company makes an important announcement on Dec.28.
Argo disclosed that the announcement is “expected to be released before [the] opening of trading on Wednesday.” Argo is one of many bitcoin mining operations that has suffered a great deal financially from the crypto winter.
During the first week of Nov.2022, Argo’s stock was downgraded by the financial institution Canaccord Genuity and Jefferies analysts.Another publicly-listed bitcoin mining competitor Core Scientific filed for Chapter 11 bankruptcy protection last week, and in late Sept.
2022, Compute North filed for Chapter 11 bankruptcy protection.Stats show that publicly traded mining firms collectively have debts of more than $4 billion.
Furthermore, Argo accidentally published documentation that said it was voluntarily filing for Chapter 11 bankruptcy protection.However, documents from Dec.12, 2022, indicate the miner is in “advanced negotiations with a third party to sell certain assets.” The company further said Argo “is hopeful that it will be able to consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no assurance that the company can avoid such a filing.” Tags in this story Argo, Argo Blockchain, Argo shares, Argo stock, Bankruptcy, Bitcoin Miners, Bitcoin mining business, BTC Mining, Chapter 11, Downgrade, London Stock Exchange, mining, Mining Bitcoins, nasdaq, Nasdaq: ARBK, Publicly Listed Bitcoin Miners, Share Downgrade, shares, Stock, Suspension of shares, Suspension of trading What do you think about Argo Blockchain suspending trading in order to make an announcement on Wednesday? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.ARBK Publicly-Listed Bitcoin Miner Argo Blockchain’s Stock Gets Downgraded, Firm Offloads Close To 4,000 Bitmain Miners On Oct.
31, 2022, the publicly-listed bitcoin miner Argo Blockchain revealed the firm’s attempt to obtain $27 million in a scheduled financing deal fell through.According to the company’s October update, Argo said it did not believe the deal “will be consummated” and now two market analysts have downgraded the company’s shares.
Argo Blockchain’s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares Bitcoin miners have been facing significant pressures as a couple of publicly-listed mining firms have faced financial hardships and bankruptcies.The recent mining difficulty all-time high has not helped, and the fact that Bitcoin’s hashrate price reached an all-time low, it has crippled specific mining businesses.Following the speculation surrounding mining companies like Compute North and Core Scientific, Argo Blockchain (Nasdaq: ARBK) has given investors an unsettling update concerning a $27 million financing deal that fell through.“As previously disclosed, [Argo Blockchain] signed a non-binding LOI with a strategic investor to raise approximately £24 million($27 million) via a subscription for ordinary shares,” Argo’s filing details.
[Argo Blockchain] no longer believes that this subscription will be consummated under the previously announced terms.Argo is continuing to explore other financing opportunities.” Argo’s shares, ARBK, have plummeted during the last 24 hours, losing 14.86% against the U.S.dollar by 1:22 p.m.(ET).Then the financial institution Canaccord Genuity slashed the shares down to hold from buy, and Jefferies analysts’ Bolor Enkhbaatar and Jonathan Petersen downgraded the company’s shares to a hold as well.Petersen told clients that if Argo was able to reduce the miner’s debt it would bolster “significant flexibility in these volatile times.” At press time, ARBK shares are down to $0.95 and during the last six months, ARBK has lost 88.54% against the U.S.
dollar.Year-to-date, the publicly-listed bitcoin miner Argo’s stock is down 92.74%.
Argo has been actively selling off bitcoin (BTC) as it sold 887 BTC in July and 637 BTC in June 2022.In the October update, Argo further noted that it sold 3,843 new-in-box Bitmain S19J Pro machines for cash proceeds and to “further maximize liquidity.” Tags in this story ARBK, Argo, Argo Blockchain, Argo shares, Bitcoin Miners, Bitcoin mining, Bitmain S19J Pro, BTC Mining, Cash, compute north, Core Scientific, Liquidity, mining rigs, October update What do you think about the recent news surrounding the publicly-listed bitcoin miner Argo Blockchain? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.It’s official, Intel is part of the bitcoin mining business.The gargantuan technology company announced its “ultra-low-voltage energy-efficient” ASIC chip barely six months ago, and it’s already here.Under normal circumstances, infrastructural support from a multinational company like Intel would be tremendous for the bitcoin market.How will it react in the middle of all this chaos? Will it react at all? The news didn’t immediately do much, but the long-term effect remains to be seen.
Intel AXG Custom Compute team is now shipping the Blockscale ASIC! First product will always be unforgettable, congratulations team👍 Excited to see how [@ArgoBlockchain] [@griid]and [@HiveBlockchain]improvise around Blockscale and our open design.[pic.twitter.com/0rxtNTLMfw] — Raja Koduri (Bali Makaradhwaja) (@RajaXg) [June 29, 2022] Raja Koduri, Intel’s Architecture, Graphics and Software (IAGS) division’s senior vice president, recently tweeted: “Intel AXG Custom Compute team is now shipping the Blockscale ASIC! First product will always be unforgettable, congratulations team.
Excited to see how Argo, Griid and Hive improvise around Blockscale and our open design.” Notably absent from the list is BLOCK, Jack Dorsey’s company.Does that mean something or is BLOCK just fourth on the list? Three months ago, Bitcoinist quoted Raja Koduri emphatically saying: “Our blockchain accelerator will ship later this year.We are engaged directly with customers that share our sustainability goals.
Argo Blockchain, BLOCK (formerly known as Square) and GRIID Infrastructure are among our first customers for this upcoming product.” The Bitcoin Miners React To Intel’s Announcement Green mining company Hive was the first to react, they tweeted “HIVE is proud to have partnered with Intel, and we can’t wait to put the new ASICs to good use mining BTC!” A few months ago, the company was much more eloquent in a press release NewsBTC quoted .“These miners are expected to be delivered over a period of one year starting in the second half of calendar 2022, the effect of which, if they are all installed, would be an expected increase of up to 95% in our aggregate Bitcoin mining hashrate from 1.9 Exahash per second.” [$HIVE]is proud to have partnered with [@intel], and we can’t wait to put the new ASICs to good use mining [$BTC]! — H I V E (@HiveBlockchain) [June 29, 2022] For their part, Argo also went the simple route and tweeted.
“Thanks, Raja Koduri and Intel.We’re excited to be innovating with these new ASIC chips in our custom immersion mining rigs.Our thanks to ePIC Blockchain for joining us on the ride.” That new player, ePIC Blockchain Technologies produces self-proclaimed “North American Designed ASIC RIGs.” So, innovation and customization are on the way.
Thanks, [@RajaXg]and [@intel].We’re excited to be innovating with these new ASIC chips in our custom immersion mining rigs.Our thanks to [@ePICBlockchain]for joining us on the ride.— Argo (@ArgoBlockchain) [June 29, 2022] Last but not least, let’s remember Raja Koduri’s words when Intel ’s bitcoin mining experiment started: “Today, we at Intel are declaring our intent to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators.Intel will engage and promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way.” Remember that statement as we pass to the next section.BTC price chart for 07/04/2022 on Bitfinex | Source: BTC/USD on [TradingView.com] Mainstream Media Mocks Intel In the eyes of mainstream media, bitcoin or anything related to it can’t do anything right.And this bear-market-of-sorts we’re into gives them the perfect ammunition to attack the technology and the billion-dollar market around it.Luckily, bitcoin doesn’t care.
In the first mainstream article about Intel shipping its Blockscale ASIC chips ahead of time, The Register starts with valuable information: “Blockscale is shipping a couple days ahead of Intel’s previously stated release window for the third quarter, which begins Friday.Even if it’s a tiny head start, it is nonetheless an achievement for a corporation that is becoming notoriously under-schedule across multiple products, including the Sapphire Rapids server chips and the discrete Arc GPUs.” Only to then, start dunking on bitcoiners and Intel alike.They start with this: “Experts and company officials are warning that the world of blockchain-fueled digital currencies is entering a crypto winter, a period where the value of virtual coins plunge and remain low.This last happened between early 2018 and mid-2020.” And then, they dedicate 1000 words to the market’s condition instead of discussing Intel’s SEG energy-efficient intentions.
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