“The transaction will accelerate the expansion of Galaxy’s bitcoin mining operations and services, provide access to tax-efficient mining infrastructure and reduce reliance on third-party hosting providers,” Galaxy said in a statement. “We are proud to be the first publicly traded cryptocurrency mining company to reach the Climate Positive milestone and remain laser-focused on encouraging other companies to join us – both inside and outside of the industry. Furthermore, we wanted to publicly issue our Climate Strategy in hopes of encouraging collaboration, input and dialogue among all companies on ways to create climate-positive environments,” said Peter Wall, Chief Executive of Argo xcritical.

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 (ARBKF) Q2 2024 xcriticalgs Call Transcript

In July 2021, Argo broke ground on its renewable energy-focused 200-megawatt (MW) cryptocurrency mining facility in Dickens County, Texas. 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. The site gives Argo access to up to 800 MW of electrical power and has garnered excitement and support from local community members and government officials. “Galaxy is aspiring to be one of the most trusted nodes of the decentralized future,” Ferraro said in the statement.

Further, EBITDA excludes interest income (expense), taxes, depreciation and amortization, which are important components of our IFRS net income/(loss). These measures should not be considered as an alternative to gross margin or net income/(loss), as applicable, determined in accordance with IFRS, or other IFRS measures. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS. Helios will be the second bitcoin mining facility that Galaxy will own and operate as the firm said it is working on multiple longer-term solutions to diversify and reduce counterparty risk for its mining unit. Galaxy recently started construction on its first proprietary mining site in Texas, which is expected to be fully operational by January, according to its third-quarter xcriticalgs report.

The facility started operations in May under Argo, with a plan to reach 800 megawatts of energy consumption and xcritical rezension 20 exahash/second of computing power. Last week, Core Scientific, one of the largest publicly traded crypto mining firms in the U.S., filed for Chapter 11 bankruptcy. In September, bitcoin mining data firm Compute North filed for Chapter 11 bankruptcy protection after raising $385 million in strategic funding seven months earlier. We believe Bitcoin and Bitcoin Equivalent Mining Margin and EBITDA have limitations as analytical tools.

Our Crypto Mining Facilities

Argo will continue innovating and prioritizing sustainability on its path to being a climate action leader in the crypto and bitcoin xcritical scam 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.

Argo xcritical PLC Announces Notice of Q2 2024 Results

1. 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).
2. Galaxy Digital has agreed to acquire Argo xcritical’s bitcoin mining facility Helios for $65 million, the two firms announced Wednesday.
3. “The acquisition of Helios represents a new stage over our two-year journey in bitcoin mining that increases our operating scale and breadth of solutions, creating sustainable value for the biggest decentralized digital-asset network and shareholders alike.”
4. The miner will also get a new $35 million loan from noted investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment, according to a statement sent to CoinDesk.

During the third quarter, Argo mined 597 Bitcoin and Bitcoin Equivalent (together, BTC), bringing Argo’s BTC holding to 1,836 as of September 30, 2021. Argo has been able to achieve these results while maintaining a gross margin of 120% and an industry-leading mining margin of 85% with an average direct cost per BTC mined of $6,293 (£4,673). On September 30, 2021, Argo executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines for the mining facility it is building in Texas. The machines are expected to be delivered starting Q and will increase our total hashrate capacity to approximately 3.7 Exahash, up from 1.075 at the end of Q3 2021.

Argo xcritical Reports Record-Level Third Quarter 2021 Operating Results

On Tuesday, the company requested a 24-hour suspension of trading in its Nasdaq-listed stock, while the London market was closed for a U.K. “Over the last few months, we have been looking for a way to continue mining through the bear market, reduce our debt load and maintain access to the unique power grid in Texas,” Argo CEO Peter Wall told CoinDesk. The miner will also get a new $35 million loan from noted investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment, according to a statement sent to CoinDesk. Bitcoin miner Argo xcritical (ARBK) will avoid filing for bankruptcy protection after it agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. Galaxy will also provide Argo with a $35 million loan as the company restructures, secured by a collateral package with Argo mining equipment.

Earlier this month, a bankruptcy judge approved a deal for Galaxy to buy crypto self-custody platform GK8 from bankrupt crypto lender Celsius Network at a price that is “materially less” than what Celsius paid for GK8 a year ago. Argo is among several miners that are struggling to stay afloat amid rising energy costs low bitcoin (BTC) prices. The transaction will help Argo bolster its balance sheet and avoid bankruptcy after it found itself in a precarious situation when a deal for $27 million in funding fell through in October. Earlier this month, the miner said that it was in advanced negotiations to sell some of its assets and carry out an equipment financing transaction to avoid filing for Chapter 11 bankruptcy. Our Baie Comeau location is over 40,000 square feet and operates around 15 MW, based on a long-standing relationship with local power authorities.