Dirt cheap miners availableArgo (ARBK) blows them off. and curtails Texas ops.
B. Sale of Mining Machines
In addition, the Company has signed an agreement to sell to a third party 3,400 new in box Bitmain S19J Pro machines, representing ~340 PH/s of total hashrate capacity, for cash proceeds of £6.0 million ($6.8 million). Argo will host these machines for the third party at Helios pursuant to a hosting services agreement that includes a profit sharing arrangement.
The Company has been proactive in curtailing operations at its flagship Helios facility in Dickens County, Texas, during periods of high power prices and securing a more favourable short term power purchase agreement ("PPA") with a new electricity provider. The Company remains optimistic about securing a long term, low-collateral, fixed price PPA and is continually reviewing its other expenditures to identify and take additional steps to manage the Company's costs.