, 2022-12-29 20:04:53,
Galaxy Digital Holdings CEO Mike Novogratz has called the Helios mining deal a “transformative acquisition” for the firm as it works to increase its exposure to the Bitcoin mining sector.
The crypto investment firm’s $65 million acquisition of Argo Blockchain’s flagship mining facility was announced on Dec. 28 as part of Argo’s drastic action to stave off bankruptcy.
Tweeting about the deal on Dec. 29, Novogratz emphasized that Galaxy is a “strong believer” in the long-term future of Bitcoin (BTC) and the company will continue to ramp up its mining initiatives:
“Bear markets are for building. We’re long-term believers in BTC and expect the lowest-cost miners to win over time. Helios is a transformative acquisition that will expand our mining capabilities and services as we continue to build for the decentralized future.”
Since we started mining bitcoin in Q1 2021, we outsourced our miners to hosting providers. But we always had the idea that we would vertically integrate our mining capabilities.
— Mike Novogratz (@novogratz) December 28, 2022
Explaining the deal in further detail, the Galaxy CEO outlined that the firm has a specific “thesis” on how to approach the mining sector:“low-cost electricity, a very efficient team” and “buying ASIC miners cheap.”
“That’s a recipe for success in mining, even when the hash rate rises,” he said.
Recent data from Hashrate Index found that Bitcoin ASIC miner prices are hovering at lows not seen…
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