Bitcoin miner Argo repays $35M Galaxy bailout loan
The loan saved Argo from bankruptcy during the crypto winter of 2022.
Bitcoin miner Argo Blockchain finished repaying $35 million it borrowed from asset manager Galaxy Digital in 2022 to stave off bankruptcy amid that year’s crypto bear market, according to an Aug. 12 company filing.
The repayment marks “a significant milestone for Argo” and was accomplished “without any meaningful impact to Argo’s hashrate,” Argo CEO Thomas Chippas said in a statement. Hashrate measures the computational power of a cryptocurrency mining operation and directly relates to how much Bitcoin (BTC) a miner can earn in a given period.
In December 2022, Argo narrowly avoided bankruptcy by agreeing to a multi-part deal with Galaxy that included selling its Helios Bitcoin mining facility in Dickens County, Texas, for $65 million and refinancing its debt with a $35 million loan.
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Author: Alex O’Donnell
