Mining company Argo Blockchain will sell its largest farm

Large American mining company Argo Blockchain has agreed with Galaxy Digital to sell its largest farm Helios. The amount of the transaction will be $65 million. Argo Blockchain has repeatedly reported that the company's business is facing problems. The reason for the problems with the business was the fall of the cryptocurrency market and the rise in the cost of electricity. Earlier, the British financial regulator FCA suspended trading in Argo Blockchain shares on the London Stock Exchange.. In addition, the company stopped trading in shares on the American Nasdaq exchange. The Helios farm is located in the US state of Texas. This is a large data center – as part of the launch of the first stage, the equipment capacity was 200 MW. This is about 50,000 mining devices. The farm has access to 800 MW of electricity from a local substation, which means it has the potential to expand the business. Analyst firm Messari has reported that major mining companies have sold off all bitcoin reserves mined in 2022.. This creates additional pressure on the price of the first cryptocurrency.