Galaxy Digital To Buy Helios Bitcoin Mining Site From Argo Blockchain For Around $65 Mln

(RTTNews) - Galaxy Digital Holdings Ltd. (BRPHF), dealing in digital assets including crypto-currency, agreed to buy Helios bitcoin mining facility, from cryptocurrency miner Argo Blockchain Plc (ARBK), for around $65 million.

In connection with the deal, Galaxy has agreed to provide Argo with a new senior-secured loan valued at $35 million, obtained by a collateral package that includes Argo mining equipment.

In addition, Argo will also enter into a two-year hosting agreement with Galaxy.

Upon the completion of the deal, which is expected to be on December 28, Galaxy will also begin offering hosting services for third-party bitcoin miners at Helios, creating a new revenue stream for it.

Helios is located on area of 160-acre in Dickens County of Texas with a capacity to operate up to 180 megawatts of mining.