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Argo Blockchain will sell its crypto mining facility, Helios, for £54million to Galaxy Digital, and refinance a new asset-backed loan, as it seeks to avoid bankruptcy.

The group, which earlier this month warned that it might have to file for bankruptcy protection due to insufficient cash, said the 'transformational' deals will enable it to continue its operations. 

, which have plummeted by 92 per cent so far this year, were up 120 per cent to 8.5p in early trading.

Deal: Argo Blockchain will sell its cryptocurrency mining facility, Helios, for £54m

The transactions include refinancing loans with a new $35million credit with Galaxy, which will help reduce Argo Blockchain's total indebtedness by $41million, the company said in a statement. 

London-based Argo Blockchain said it plans to focus its operations at its two data centres in Quebec, Canada, which are powered fully by low-cost hydroelectricity. 

'[The] transaction with Galaxy...

provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market,' Argo Blockchain's boss, Peter Wall, said. 

Wall also emphasised that, despite Argo Blockchain selling Helios, the firm had not sold any of its mining machines. 

The deal comes just six months after Argo Blockchain officially launched Helios.

The  Helios facility supports 200 megawatts of electricity.

The crypto miner, which was founded in 2017 by Wall, had been struggling with an increase in costs and pressured margins amid lower bitcoin prices and higher power costs.

Digital currency miners such as Argo Blockchain use computers to solve cryptographic problems and receive a reward in the form of cryptocurrency.

Argo Blockchain, whose Nasdaq-listed shares were suspended on 27 December, will resume US trading today. 

In October, Argo Blockchain said it was at risk of closing after failing to raise new financing. 

In mid-December, Argo announced that it was trying to 'engage in an equipment financing transaction' in order to avoid filing for bankruptcy.

The price of Learn About Bitcoin Mining - snowmining.com is around $16,673.70 today, having fallen over 60 per cent in the last year.