Galaxy Bailout Was Just A Minor Speed Bump On Argo Blockchain’S Road To Certain Doom

Argo Blockchain: still not bankrupt! Whoop-de-doo. They managed to pay back the $35 million loan they took out in December last year because, you know, that’s what happens when a company is just “narrowly avoiding bankruptcy” – it pays its debts on time. I mean, who needs profits or even decent cash flow when you’ve got some fancy investors willing to bail you out? And let me guess: this repayment was made possible by the fact that they managed to lease back space in Helios and keep running their Bitcoin mining equipment without any meaningful impact on their hashrate (whatever that means). Wow, what a thrilling tale of corporate finance wizardry. Stay tuned for more! I must say though, it’s impressive how Argo Blockchain is still managing to mine those precious Bitcoins – an average of 1.5 BTC per day in July? That’s just… wow.

And let me guess: this was only possible because they had a hashrate of 2.7 EH/s as of the end of last year, which I’m sure will continue to impress investors with its sheer magnitude (or lack thereof). Oh wait, it gets even better – Galaxy Digital is now planning to expand and monetize the high-voltage power capacity at Helios data center in Dickens County, Texas because… why not? It’s not like that’s a completely unrelated business venture or anything. I mean, who wouldn’t want to invest in more Bitcoin mining equipment when you’ve got investors throwing money around left and right? Stay tuned for more!

Seriously though, folks: this is what happens when you throw good money after bad into the cryptocurrency space – it just gets worse and worse until someone finally pulls out. Sooner or later (and I’m guessing sooner), Argo Blockchain will be back in bankruptcy court begging for another bailout because that’s where their business model takes them every time they get close to profitability. Stay tuned, folks!