Agro Blockchain, a multinational cryptocurrency mining company, has been in a tough spot after the crypto sector as a whole suffered a sharp drop in value throughout 2022, and especially over the past two months. The company, amid the ongoing crypto slump, has officially sold its Texas-based mining facility to Galaxy Digital Holdings, a crypto-focused fintech company. Located in Texas’ Dickens County, Agro Blockchain’s Helios Facility was sold for $65 million (approximately Rs 540).
Agricultural blockchain is report under a lot of debt. The Company will use the proceeds from this sale to initiate and complete repayment of pending loans.
The company also borrowed an additional $35 million (convert INR) are from digital galaxyagreed to use Argo’s 23,619 Bitmain S19J Pro miners, currently operating at Helios, for continued use.
“The hosting agreement allows Argo to keep its miners running at Helios and minimize any miner downtime from the sale of the Helios base. Argo will maintain ownership of its fleet of Bitcoin mining machines,” Agro Blockchain said in a statement. Press Release.
Happenning crypto winter smash your business Bitcoin Miner hard and fast already struggling to thrive despite soaring electricity prices in some parts of the world.
According to Bloomberg reportBitcoin miners lost over $1 billion (approximately Rs 8,200 crore) in the recent crypto crash.
Twitter Founder and Former CEO Jack Dorsey This Month extra funding to help an East African Bitcoin mining company, Gridless, expand its green operations. The capital is provided through Dorsey’s payments company, Block.
Like Agro Blockchain, other cryptocurrency miners are also working to capitalize on the prevailing bear market situation.
In September, crypto billionaire Jihan Wu is said to have set up a $250 million fund (nearly Rs 2,040) to buy Cryptocurrency Mining Machine from distressed sellers. Wu is the founder of blockchain company, Bitmain.
