{"id":135383,"date":"2024-08-13T12:00:44","date_gmt":"2024-08-13T09:00:44","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=135383"},"modified":"2024-08-12T23:57:29","modified_gmt":"2024-08-12T20:57:29","slug":"argo-blockchain-clears-massive-loan-steers-clear-of-bankruptcy","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/argo-blockchain-clears-massive-loan-steers-clear-of-bankruptcy\/","title":{"rendered":"Argo Blockchain Clears Massive Loan, Steers Clear of Bankruptcy"},"content":{"rendered":"<p>CEO Thomas Chippas highlighted that this <strong><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1841675\/000165495424010273\/a9878z.htm\" target=\"_blank\" rel=\"nofollow\">repayment<\/a> <\/strong>is a crucial achievement for Argo and did not significantly affect their mining capacity, known as hashrate. Hashrate measures the computational power used in <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a> <\/strong>mining, influencing the amount of Bitcoin generated.<\/p>\n<p>In late 2022, Argo struck a deal with Galaxy Digital to prevent bankruptcy. This deal included selling its Helios mining facility in Texas for $65 million and taking out a $35 million loan.<\/p>\n<p>The loan was backed by Argo\u2019s mining machines located at Helios and in its Canadian centers. Argo continued to operate its equipment at Helios by leasing back space.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/trump-may-drop-out-of-2024-race-according-to-crypto-expert\/\" title=\"Trump May Drop Out of 2024 Race According to Crypto Expert\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/trump-bitcoin-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Trump May Drop Out of 2024 Race According to Crypto Expert<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Since then, Argo has expanded its operations, adding 2,750 new mining machines from ePIC Blockchain Technologies by Q3 2023, as per their annual <strong><a href=\"https:\/\/cdn.prod.website-files.com\/6192808c25837d3716982433\/662a3ea64d006d7da1f7720f_Argo-Blockchain-plc-Annual-Accounts-2023.pdf\" target=\"_blank\" rel=\"nofollow\">report<\/a><\/strong>. By the end of 2023, Argo\u2019s hashrate reached 2.7 exahashes per second, while the total Bitcoin network\u2019s hashrate was 677.43 EH\/s. In July, Argo mined an average of 1.5 BTC daily, totaling 48 BTC for the month.<\/p>\n<p>Additionally, on August 1, Galaxy announced plans to boost and monetize the power capacity at its Helios data center, anticipating high demand from AI and high-performance computing projects, according to Benchmark analyst Mark Palmer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Argo Blockchain has successfully paid off a $35 million loan from Galaxy Digital, which it took out in 2022 to avoid bankruptcy during a tough period for cryptocurrencies.<\/p>\n","protected":false},"author":3,"featured_media":34546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-135383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is 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