Argo Blockchain, a company that mines for Bitcoin, has agreed to sell its Helios mining facility to Galaxy Digital for $65 million.
Argo has been facing financial challenges due to high energy costs, declining Bitcoin prices, and increasing difficulty in mining, which have led to decreased profits and slim profit margins.
In October, Argo warned investors that it would need additional funding to keep its operations going after a deal fell through.
The company’s stock was temporarily suspended from trading on the London Stock Exchange earlier this month after it mistakenly posted that it had filed for bankruptcy protection, and trading was also suspended on Nasdaq this week in anticipation of the announcement.
The Bitcoin mining industry has experienced declining profit margins in recent months, with companies such as Compute North and Core Scientific filing for bankruptcy.