Galaxy To Acquire Helios Bitcoin Mining Facility from Argo Blockchain
, 2022-12-28 01:00:00,
State-of-the-Art Facility Will Significantly Expand Galaxy’s Mining Capabilities
NEW YORK, Dec. 28, 2022 /CNW/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy” or “the Company”), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, has agreed to acquire the Helios bitcoin mining facility and its related operations from Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK) (“Argo”) for approximately $65 million.
The transaction will accelerate the expansion of Galaxy’s bitcoin mining operations and services, provide access to tax-efficient mining infrastructure and reduce reliance on third-party hosting providers.
Helios is a large-scale bitcoin mining facility located in Dickens County, Texas, that has the ability to operate up to 180 megawatts (MW) of mining capacity, utilizing immersion cooling technology. Upon receipt of certain approvals, Helios is expected to provide Galaxy with as much as 800 MW of capacity, enabling the Company to grow its proprietary and hosted bitcoin mining infrastructure beyond its previously stated goals. Helios, which sits on a 160-acre campus, commenced operations in May 2022 and is currently staffed by approximately 40 employees who manage day-to-day operations.
“Galaxy is aspiring to be one of the most trusted nodes of the decentralized future,” said Chris Ferraro, President and Chief Investment…
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