Argo Blockchain has released its first operational update since announcing the sale of its flagship mining facility Helios to Mike Novogratz’s Galaxy Digital.
a power emergency in Texas, citing a shortage of electricity due to the impact of severe winter weather. Amid a massive temperature drop accompanied by high winds, the demand on the Texas power grid reached an all-time winter peak in excess of 74,000 megawatts .
Argo CEO Peter Wall pointed out that the company’s mining results were lower than expected because the firm had to reduce power usage on the grid due to extreme weather conditions.During the winter storm, Argo joined other Texas Bitcoin miners in reducing power usage by an estimated 1,500 MW, Wall said, adding:
“After the winter storm and associated freezing temperatures had subsided, we safely brought Helios back online and resumed operations.”announcing the $65 million deal on Dec. 28. The transaction aimed to reduce Argo’s total debt by $41 million and improve liquidity and operating structure. Despite the sale, Argo will still continue mining at Galaxy-owned Helios facility. Argo’s total hashrate capacity continues to be 2.5 exahashes per second, the announcement notes.
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