Bitcoin mining company Argo Blockchain successfully repaid a $35 million loan to Galaxy Digital, marking a significant milestone for the company. The repayment, completed in 2022, was crucial for avoiding bankruptcy during the challenging crypto bear market. Argo CEO Thomas Chippas highlighted that the debt repayment had no substantial impact on the company’s hashrate, which measures the computational power of a mining operation.
To secure the loan, Argo used its Bitmain S19J Pro mining machines and some equipment located at its data centers in Canada as collateral. Following the repayment, Argo has continued to enhance its mining capabilities by deploying BlockMiner machines from ePIC Blockchain Technologies. As a result, the company anticipates increased earnings and investments moving forward.
With a hashrate of 2.7 exahash (EH/s) per second at the end of 2023, Argo remains a significant player in the Bitcoin mining industry. The company recently reported mining an average of 1.5 Bitcoin per day, totaling 48 Bitcoin in July. Moreover, Galaxy Digital revealed plans to expand and leverage the high-voltage power capacity at its Helios data center in Texas to cater to the growing power demands of AI and HPC projects.
Overall, the repayment of the loan and the subsequent developments signify a positive outlook for Argo Blockchain. The company’s strategic moves and focus on enhancing mining operations bode well for its future growth and profitability. Investors are encouraged to conduct their research and consider the high volatility of cryptocurrencies before making any investment decisions.
