Key Points: The share price of Argo Blockchain increased by more than 100 percent during UK trading hours, and by 73.33% at the London Stock Exchange.
The $65 million acquisition does not include Argo’s crypto machines. They will continue to be run at Helios.
After the sale of its Texas mining operations to Galaxy Digital, Argo Blockchain’s shares have risen. 24,000 mining workers would be used as security for a loan of US$35 million from Galaxy to Argo. According to the corporation, the proceeds will help Argo avoid bankruptcy and repay approximately $85 million of its debt. The transaction is expected to reduce the company’s net debt by approximately $41 million. Despite the fact that Argo’s stock value rose on Wednesday, the stock dropped more than 90% in the past year. On Tuesday, Argo requested that trading in equities listed on the Nasdaq be stopped. The cryptocurrency mining industry has been hard hit by rising energy prices and falling Bitcoin prices. The hash rate of bitcoin mining dropped by almost forty percent earlier this week as a result of miners being forced to pause their activities due to the blizzard conditions that were affecting the United States.Last week, the province of British Columbia in Canada cut off electrical connections to bitcoin miners, and the next day, one of the largest cryptocurrency miners in the world, Core Science, declared bankruptcy.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comChubbiCoincu NewsTags: ArgoArgo blockchainBlockchainGalaxy Digitalmarketpriceshares