Argo Blockchain to sell Helios facility to Galaxy for $65M

Argo Blockchain "announces that it has entered into definitive agreements with Galaxy Digital Holdings, Ltd. under which an Argo subsidiary will sell its Helios facility in Dickens County, Texas for $65M and refinance its asset-backed loans. Additionally, Galaxy has agreed to host Argo’s mining machines located at Helios. The transactions are expected to close on Wednesday, 28 December 2022. Under a two-year hosting agreement with Galaxy, Argo’s 23,619 Bitmain S19J Pro mining machines currently operating at Helios will remain in operation at Helios. As the owner of Helios, Galaxy intends to enter into a fixed-price power purchase agreement with a licensed retail electricity provider to procure electricity for the facility. The hosting agreement provides that Argo will have access to this electricity at the PPA rate. Argo will pay Galaxy a hosting fee and will collaborate on designing a curtailment strategy in order to participate in certain demand response programs offered by the Electric Reliability Council of Texas, which manages the Texas power grid. The hosting agreement allows Argo to keep its mining machines operating at Helios and mitigate any mining machine downtime from the sale of the Helios facility. Furthermore, the company believes that the immersion-cooling system it developed and implemented at Helios provides for a superior operating environment for these machines, representing approximately 2.36 EH/s."