DICKENS COUNTY, Texas – In May 2022, Argo Blockchain built a 160-acre bitcoin mining facility called “Helios” in Dickens County. After an endless struggle with falling bitcoin prices and higher energy costs, Argo would be $41 million in debt, but a $65 million purchase before the end of the year by Galaxy Digital would save its future.

“We’re incredibly excited to be a participant in this community,” said Mike Wursthorn, vice president of Galaxy Digital. “We see it as a responsibility being one of the major employers now in Dickens County to help further build it up and ensure that there is a long term sustainable trajectory, not just for Helios, but Dickens county itself.”

Also as a part of the acquisition, Galaxy agreed to provide Argo with a $35 million loan, secured by a collateral package with Argo mining equipment.

“We didn’t just buy a Bitcoin mining facility and Helios, we joined the community,” Wursthorn said.

Bitcoin is a digital currency that people can send and receive over the internet. Unlike the U.S. dollar, it’s not centralized in a government bank. Transactions are verified through a complex network of computers around the world called the blockchain.

“Bitcoin is a digital asset that allows people to transfer money without a middleman,” said Amanda Fabiano, head of mining at Galaxy Digital. “There’s no Bitcoin without Bitcoin mining, so that’s why we’re so invested in the mining space.”

There are over 30 employees, all of which Galaxy kept from the original Argo team. 

Galaxy said it will succeed in ways that Argo couldn’t.

“Galaxy is a diversified financial services company, so we don’t just mine Bitcoin, we have multiple other units,” Fabiano said. “With that, we think that we have a good chance of doing the right thing by the local community and building and growing and expanding.”

The building near Afton, Texas hosts more than 50,000 servers submerged in a dielectric fluid that keeps them cool. Each of them competes with other computers across the globe to verify bitcoin transactions first.

Galaxy plans to continue expanding the “Helios” facility that operates up to 180 megawatts of mining capacity.

“The site itself is not at its full max capacity that it could potentially be out in the future, so there’ll be more construction, more design work and more growth,” Fabiano said. “I think it’s the future of money. It’s the future of how we’re going to use financial services and we’re just at the very pioneering step of it, so the more that we can educate, I think the better everyone will be.”

Wursthorn said Galaxy will continue where Argo left off on all community projects as well, including bringing back the city pool in Spur that’s been closed since 2009. The company will also create local education programs to help others understand digital assets of the crypto economy.
To learn more, visit the Galaxy Digital website.