Home Bitcoin News Bitcoin Mining Galaxy To Purchase Helios Bitcoin Mining Facility from Argo Blockchain – Canada NewsWire

Galaxy To Purchase Helios Bitcoin Mining Facility from Argo Blockchain – Canada NewsWire

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State-of-the-Artwork Facility Will Considerably Broaden Galaxy’s Mining Capabilities

NEW YORK, Dec. 28, 2022 /CNW/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy” or “the Firm”), a monetary companies and funding administration innovator within the digital asset, cryptocurrency, and blockchain know-how sectors, has agreed to amass the Helios bitcoin mining facility and its associated operations from Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK) (“Argo”) for roughly $65 million.

The transaction will speed up the growth of Galaxy’s bitcoin mining operations and companies, present entry to tax-efficient mining infrastructure and scale back reliance on third-party internet hosting suppliers.

Helios is a large-scale bitcoin mining facility situated in Dickens County, Texas, that has the flexibility to function as much as 180 megawatts (MW) of mining capability, using immersion cooling know-how. Upon receipt of sure approvals, Helios is predicted to supply Galaxy with as a lot as 800 MW of capability, enabling the Firm to develop its proprietary and hosted bitcoin mining infrastructure past its beforehand said objectives. Helios, which sits on a 160-acre campus, commenced operations in Might 2022 and is at present staffed by roughly 40 workers who handle day-to-day operations.

“Galaxy is aspiring to be one of the vital trusted nodes of the decentralized future,” stated Chris Ferraro, President and Chief Funding Officer at Galaxy. “The acquisition of Helios represents a brand new stage over our two-year journey in bitcoin mining that will increase our working scale and breadth of options, creating sustainable worth for the most important decentralized digital asset community and shareholders alike.”

Galaxy intends to make the most of Helios as its flagship proprietary mining facility and retain the complete operations workforce. Galaxy may also start providing internet hosting companies for third-party bitcoin miners at Helios, creating a brand new income stream for the Firm. Galaxy and Argo will work collectively to make sure a easy transition at Helios, minimizing disruptions to operations. Galaxy has additionally pledged to help the varied neighborhood commitments Argo has established because it started constructing Helios in July 2021.

In reference to this transaction, Galaxy has agreed to supply Argo with a brand new senior-secured mortgage valued at $35 million, secured by a collateral package deal that features Argo mining tools. Argo may also enter right into a two-year internet hosting settlement with Galaxy, securing a spot for Argo’s mining machines on the Helios facility.

Helios is the second deliberate bitcoin mining facility that Galaxy will personal and function. As previously announced, Galaxy broke floor on its first proprietary mining website earlier this yr, which can also be situated in Texas.

“High quality infrastructure and entry to low-cost power are the cornerstones of a profitable mining operation, making the acquisition of Helios an unbelievable milestone for the expansion of Galaxy’s mining enterprise,” stated Amanda Fabiano, Head of Mining at Galaxy. “We’re thrilled to welcome the folks supporting Helios to the Galaxy workforce. We additionally sit up for having Argo as our first internet hosting shopper.”

Galaxy and Argo anticipate the transaction to shut on December 28, 2022.

Galaxy Funding Banking served as unique monetary advisor to Galaxy on the acquisition of Helios. Kirkland & Ellis LLP served as Galaxy’s authorized advisor in reference to the transaction.

About Galaxy
Galaxy (TSX: GLXY) is a digital asset and blockchain chief offering establishments, startups, and certified people entry to the crypto economic system. Our full suite of monetary companies is custom-made for a digitally native ecosystem, spanning a number of synergistic enterprise strains: Buying and selling, Asset Administration, Funding Banking, Mining, and Ventures.

Galaxy’s CEO and Founder Michael Novogratz leads a workforce of crypto fanatics and institutional veterans working collectively on a mission to engineer a brand new financial paradigm. The Firm is headquartered in New York Metropolis, with places of work in Chicago, New Jersey, Texas, London, Amsterdam, Hong Kong, Tokyo, and the Cayman Islands (reg. workplace).

Extra details about Galaxy’s companies and merchandise is obtainable on www.galaxy.com.

Disclaimers

The TSX has neither permitted nor disapproved the contents of this press launch.

CAUTION ABOUT FORWARD-LOOKING STATEMENTS
The knowledge on this communication could include “forward-looking statements” inside the that means of Part 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Part 21E of the Securities Trade Act of 1934, as amended (the “Trade Act”) and “forward-looking info” underneath Canadian securities legal guidelines (collectively, “forward-looking statements”). Our forward-looking statements embrace, however should not restricted to, statements concerning our or our administration workforce’s expectations, hopes, beliefs, intentions or methods concerning the longer term. Statements that aren’t historic info, together with statements concerning the acquisition of the Helios Bitcoin Mining Facility (the “transaction”), and the events, views and expectations, are forward-looking statements. As well as, any statements that seek advice from estimates, projections, forecasts or different characterizations of future occasions or circumstances, together with any underlying assumptions, are forward-looking statements. The phrases “anticipate,” “consider,” “proceed,” “might,” “estimate,” “anticipate,” “forecast,” “intend,” “could,” “would possibly,” “plan,” “doable,” “potential,” “predict,” “undertaking,” “ought to,” “would” and related expressions could determine forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion will not be forward-looking. Ahead-looking statements on this press launch could embrace, for instance, statements about: our expectations concerning the efficiency of our mining enterprise; extra mining capability on the Helios facility; the creation of latest income sources and companies with the transaction. The forward-looking statements contained on this launch are primarily based on our present expectations and beliefs regarding future developments and their potential results on us making an allowance for info at present accessible to us. There will be no assurance that future developments affecting us shall be those who now we have anticipated. These forward-looking statements contain numerous dangers, uncertainties (a few of that are past our management) or different assumptions which will trigger precise outcomes or efficiency to be materially completely different from these expressed or implied by these forward-looking statements. These dangers embrace, however should not restricted to: (1) the result of any authorized proceedings which may be instituted following the transaction; (2) prices associated to the transaction and power sources; (3) adjustments in relevant legal guidelines or rules; (4) the chance that the mining enterprise could also be adversely affected by different financial, enterprise, and/or aggressive components or pure disasters; (5) adjustments or occasions that affect the cryptocurrency business, together with potential regulation, which are out of our management; (6) the danger that our enterprise is not going to develop in keeping with our expectations; (7) the chance that our addressable market is smaller than now we have anticipated and/or that we could not acquire share of it; (8) these different dangers contained within the Annual Data Kind for the yr ended December 31, 2021 accessible on the Firm’s profile at www.sedar.com and (9) different dangers and uncertainties to be indicated sometimes in filings made on SEDAR. Components that would trigger precise outcomes of the Firm to vary materially from these described in such forward-looking statements embrace, however should not restricted to, failure to obtain regulatory approvals or the imposition of latest rules; a decline within the digital asset market or common financial situations; the failure or delay within the adoption of digital property and the blockchain ecosystem and corresponding impacts to our enterprise. Ought to a number of of those dangers or uncertainties materialize, they might trigger our precise outcomes to vary materially from the forward-looking statements. We’re not endeavor any obligation to replace or revise any forward-looking statements whether or not because of new info, future occasions or in any other case. You shouldn’t take any assertion concerning previous tendencies or actions as a illustration that the tendencies or actions will proceed sooner or later. Accordingly, you shouldn’t put undue reliance on these statements.

SOURCE Galaxy Digital Holdings Ltd.

For additional info: Investor Relations Contact: Elsa Ballard, [email protected]; Media Relations Contact: Michael Wursthorn, [email protected]

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