Bitcoin miner Argo Blockchain sells Quebec site for $6.1 million amidst declining BTC production

Bitcoin miner Argo Blockchain supplied one of its sites to repay debt amid its declining BTC production final month.

Argo sells keep to repay debt

In a Mar. 5 assertion, the miner explained that it supplied its Mirabel Facility in Quebec for $6.1 million.

Following the sale, Argo allocated $4 million to resolve debts owed to Galaxy Digital, successfully lowering its debt to approximately $14 million as of Feb. 29. This marks a massive 60% decrease from the initial Galaxy debt of $35 million.

Argo clarified that the the relaxation of the proceeds from the sale had been utilized to resolve the illustrious mortgage of the Mirabel Facility. Additionally, the company plans to relocate miners from the Mirabel keep to its Baie Comeau facility in Quebec.

The Mirabel facility, boasting an impact ability of 5 megawatts (MW), will examine its miners shifted to the Baie Comeau keep, while older miners, representing 140 PH/s, may maybe be liquidated.

Thomas Chippas, Argo CEO, said:

“We’re ready to exit the Mirabel Facility with a excessive a variety of on its energy ability, and we also understand a premium on this exact property asset while declaring a sturdy hashrate ability of 2.7 EH/s.”

In 2021, Argo borrowed to amplify its mining endeavors without selling its BTC holdings. Nevertheless, as a result of market downturn in 2022, Argo supplied its Texas Helios mining keep to Galaxy Digital for $65 million and secured a sleek $35 million from Galaxy to certain a form of illustrious loans.

BTC production declines

The miner printed that its BTC production fell 21% in February to 92 BTC or 3.2 BTC per day due to a repairs-associated outage on the third-event-owned Cottonwood substation.

Along with that, Argo also explained that its production was once negatively impacted by the BTC network’s rising mining scenario. Last month, CryptoSlate reported that BTC’s mining scenario hit a epic excessive of bigger than 81 trillion.

As a results of these issues, the agency’s mining income for the month reduced by 15% month-on-month to $4.5 million. Argo holds around 14 BTC as of Feb. 29.