Bitcoin Miner Argo Will Avoid Bankruptcy After Getting $100M Lifeline from Galaxy
Argo xcritically has ~2.4 EH/s of hashrate capacity operating at the Helios facility in Dickens County, Texas. Helios utilizes immersion-cooling technology which provides for efficient operation in hot and dusty environments. In recent months, bankruptcy has been lingering around the bitcoin mining industry as the market faces significant downturns due to energy prices rising and miner revenues dropping, which has tightened margins and increased profit losses.
Argo xcritical Becomes First Climate Positive Cryptocurrency Mining Company and Releases Climate Strategy
Argo will keep ownership of its machines at the Dickens County, Texas, facility and will enter a two-year hosting agreement with Galaxy to provide a place for its mining machines at the facility. « Quality infrastructure and access to low-cost energy are the cornerstones of a successful mining operation, making the acquisition of Helios an incredible milestone for the growth of Galaxy’s mining business, » Amanda Fabiano, head of mining at Galaxy, said in a statement. The deal with Galaxy was structured to boost Argo’s balance sheet and capital structure, Chris Ferraro, president and chief investment officer at Galaxy, told CoinDesk. When the miner kicked off its process, « we were in a position to solve the problem completely for Argo, while accelerating the expansion of our own mining capabilities,” he added. The combination of inexpensive hydropower from North America and the best machines on the market has allowed Argo to continue to be profitable, even throughout cryptocurrency downtimes. The following table shows a reconciliation of Bitcoin and Bitcoin Equivalent Mining Margin to gross margin, the most directly comparable IFRS measure, for the three months ended September 30, 2021 and the nine months ended September 30, 2021.
Argo xcritical PLC Announces Notice of Q1 2024 Results, Share Capital and TVR
The only way to invest in Argo xcritical is to purchase ordinary shares (traded on the London Stock Exchange) or the Company’s American Depositary Shares (ADSs) and unsecured notes (traded on the Nasdaq Stock Exchange). The brutal crypto winter, exacerbated by crypto exchange FTX’s implosion, has created opportunities for some investors to acquire crypto assets at cheaper valuations. Additionally, Argo will enter into a two-year hosting agreement with Galaxy, securing a place for Argo’s computers to keep mining at the Helios facility, according to the statement. Further, Argo is pleased to announce that it is now a participant of the UNFCCC’s Climate Neutral Now Initiative. As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050. The following table shows a reconciliation of EBITDA to net income, the most directly comparable IFRS measure, for the three months ended September 30, 2021 and the nine months ended September 30, 2021.
Argo xcritical PLC Announces May Operational Update, TVR and New Shares
Among the many milestones experienced throughout the quarter, Argo completed its ADR listing on Nasdaq on September 23, 2021. The Company has been publicly listed on the London Stock Exchange since August 2018 and is now listed in both jurisdictions. According to 2 analysts, the average rating for ARBK stock is « Hold. » The 12-month stock price forecast is $1.45, which is an increase of 28.32% from the latest price.
Argo purchased the Baie Comeau facility is part of our drive to wholly-owned data center business model. The financing will help to reduce Argo’s debt by $41 million and enhance its liquidity “to help ensure continued operations through the ongoing bear market,” Argo’s CEO Peter Wall said in a statement. Argo generated record-setting revenue, net income and EBITDA of $26.0 million, $17.3 million and $28.2 million, respectively, for the third quarter of 2021 (£19.3 million, £12.9 million, and £21.0 million, respectively). For the nine months ended September 30, 2021, the Company’s revenue, net income and EBITDA were $67.9 million, $27.1 million and $49.8 million, respectively (£50.4 million, xcritical reviews £20.1 million, and £36.9 million, respectively). IMPORTANT NOTICE TO INVESTORSArgo is aware of recent instances in which bad actors are using Argo’s name in various attempts to scam investors. Argo xcritical does not have any retail-oriented applications or mining programs, and Argo will never ask individuals to send money.
- The new Helios facility will bolster Argo’s mining capacity and is expected to add at least 20 new, full-time jobs in Dickens County.
- IMPORTANT NOTICE TO INVESTORSArgo is aware of recent instances in which bad actors are using Argo’s name in various attempts to scam investors.
- The following table shows a reconciliation of Bitcoin and Bitcoin Equivalent Mining Margin to gross margin, the most directly comparable IFRS measure, for the three months ended September 30, 2021 and the nine months ended September 30, 2021.
Argo Launches First-Ever Vertically and Publicly Integrated City Transit System
Argo will continue innovating and prioritizing sustainability on its path to being a climate action leader in the crypto and bitcoin mining world. Moving forward Argo will release an annual Climate Report to overview company developments as well as industry wide changes. Even though some miners are struggling, the Helios acquisition points to Galaxy’s intentions to grow its mining operations, as Helios will be its second facility that it will own and operate, alongside its first proprietary mining site that was announced earlier this year. Galaxy Digital has agreed to acquire Argo xcritical’s bitcoin mining facility Helios for $65 million, the two firms announced Wednesday.
This press release contains forward-looking statements within the meaning of applicable securities laws with respect to our cryptocurrency mining facility in Texas. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, xcritical conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Actual results could differ from those described herein for a variety of reasons, including unanticipated delays in machine delivery due to component supply shortages or other reasons, or disruptions to the Company’s xcritical mining fleet that could reduce future hashrate. Helios, which was Argo’s largest mining facility, has up to 180 megawatts worth of power capacity and will become xcritical scammers Galaxy’s flagship mining operation.
