Bitcoin miner Argo Blockchain offered considered one of its websites final month to repay debt following a decline in BTC manufacturing.

Argo sells website to repay debt

The miner stated in a press release on March 5 that it had offered its Mirabel facility in Quebec for $6.1 million.

Following the sale, Argo allotted $4 million to settle its debt to Galaxy Digital, successfully lowering the debt to roughly $14 million as of February 29. This can be a vital 60% discount from Galaxy's unique $35 million in debt.

Argo disclosed that the rest of the proceeds from the sale had been used to settle the excellent mortgage on the Mirabel facility. Moreover, the corporate plans to relocate miners from its Mirabel website to its Baie Comeau facility in Quebec.

The Mirabel facility, which boasts an influence capability of 5 megawatts (MW), will see miners relocated to the Baie Comeau website, whereas older miners with a capability of 140 PH per second shall be liquidated.

Thomas Tsipas, CEO of Argo, stated:

“We’re in a position to exit the Mirabel facility with excessive energy capability, sustaining a robust hashrate capability of two.7 EH/s whereas additionally realizing a premium for this actual property asset.”

In 2021, Argo borrowed cash to increase its mining operations with out promoting its BTC holdings. Nevertheless, as a result of market downturn in 2022, Argo offered its Helios mine in Texas to Galaxy Digital for $65 million and secured one other $35 million from Galaxy to settle different excellent loans.

BTC manufacturing decreases

The miner revealed that its BTC manufacturing in February decreased by 21% to 92 BTC, or 3.2 BTC per day, because of maintenance-related outages on the third-party-owned Cottonwood substation.

As well as, Argo additionally defined that manufacturing has been negatively affected by the elevated mining issue of the BTC community. final month, crypto slate It was reported that the mining issue of BTC has reached an all-time excessive of over 81 trillion.

On account of these points, the corporate's mining income for the month was down 15% month-on-month to $4.5 million. Argo holds roughly 14 BTC as of February twenty ninth.