Argo Blockchain restructures debt, expands mining fleet to Alabama

Core Insights - Argo Blockchain has finalized a restructuring plan that eliminates $40 million in senior debt, strengthening its balance sheet and leaving it debt-free, aside from a small mortgage [1] - The company has increased its hashrate capacity from approximately 1.8 EH/s to 2.4 EH/s and expanded its self-mining capacity to 28.5 MW through infrastructure acquisition [2] - Following financial strain since its Nasdaq listing in September 2021, Argo sold its Helios facility for $65 million to avoid bankruptcy and faced a Nasdaq delisting notice in July due to share price issues [3] - With stabilization efforts concluded, Argo is now exploring opportunities in artificial intelligence (AI) and high-performance computing (HPC) [4] Group 1 - The restructuring plan was formally approved by the High Court of Justice in England and Wales on December 11 [1] - The equitization of $40 million in outstanding senior notes due 2026 is a key component of the restructuring [1] - The remaining mortgage on the Baie-Comeau facility in Quebec is $472,000 [1] Group 2 - The acquisition of 13.5 MW of infrastructure in Alabama contributed to the increase in self-mining capacity [2] - Management has secured additional electrical assets to support future deployment of up to 65 MW [2] - The deployment of 1,400 Z11 miners was aimed at capitalizing on the recent price rally of Zcash [2] Group 3 - The financial strain began shortly after Argo's Nasdaq listing in September 2021 [3] - The sale of the Helios facility was a strategic move to avoid bankruptcy during the 2022 market downturn [3] - The company received a Nasdaq delisting notice in July due to its share price falling below the minimum bid requirement [3] Group 4 - The conclusion of stabilization efforts allows Argo to pivot towards new opportunities in AI and HPC [4]