Argo

Thomas

Galaxy

Bitcoin

Bitcoin mining company <a href="https://ultramining.com/news/en/argo-blockchains-struggles-continue-with-a-17-drop-in-bitcoin-production/" rel="noopener noreferrer nofollow">Argo Blockchain</a> has successfully repaid the $35 million loan it secured from Galaxy Digital in 2022. The loan was crucial in preventing Argo from declaring bankruptcy during the severe crypto winter of that year. According to a company filing on August 12, the repayment was completed without significantly affecting Argo's mining operations. CEO Thomas Chippas emphasized that this milestone was achieved while maintaining the company’s hashrate, which is vital for its profitability. according to <a href="https://cointelegraph.com/news/bitcoin-miner-argo-repays-35m-galaxy-loan" rel="noopener noreferrer nofollow">Cointelegraph</a>.
In December 2022, Argo avoided bankruptcy by selling its Helios mining facility in Texas for $65 million and securing this critical loan. The loan was backed by 23,619 Bitmain mining machines located in the Helios facility and at Argo’s Canadian <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/" rel="noopener noreferrer nofollow">data centers</a>. Despite the financial strain, Argo continued to expand its operations, deploying over 2,700 new mining machines in 2023. As of the end of last year, Argo's hashrate reached 2.7 exahashes per second (EH/s), contributing to the global Bitcoin network’s total hashrate of 677.43 EH/s. In July 2023, Argo mined 48 BTC, averaging 1.5 BTC per day.
The repayment of this loan marks a critical step in Argo's recovery and ongoing growth, highlighting the company’s resilience in a volatile industry.

Argo Blockchain Repays $35M Loan, Ensures Financial Stability

Ultramining_Eng

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