Galaxy Digital Holdings Ltd is buying a mining company for $ 65 million.
Texas in 2023 is again increasing its cryptocurrency mining activity after a difficult 2022. A landmark event is that the founder of Galaxy Digital Holdings Ltd, billionaire Mike Novogratz, after experiencing a difficult 2022 year in terms of bitcoin price, is now set to increase investments in bitcoin mining.
The focus of his attention is Texas: here Galaxy Digital Holdings Ltd buys the Helios mining enterprise from Argo Blockchain for $ 65 million. The buyer intends to transfer additional bitcoin miners to the Helios platform, which he also acquired from Argo Blockchain and which were previously located in Canada. Currently, Helios employs 23,619 thousand bitcoin miners, occupying an area that is equivalent to three football fields. Galaxy Digital Holdings Ltd intends to increase the power consumption of equipment from 180 to 800 MW, and the Helios site is already the second in Texas where the company is engaged in bitcoin mining.
Galaxy Digital Holdings Ltd’s decision to significantly expand its bitcoin mining activity received the full support of investors in the company’s shares: after they cost $3.33 in December 2022, they have now risen to $5.23.
Currently, almost 30 companies are conducting such activities in the state, and the authorities are positive about this. Firstly, there is mutually beneficial cooperation between miners and local energy networks. Secondly, miners are developing remote and sparsely populated areas of Texas, creating new jobs. In total, to date, miners have created about 2 thousand new jobs directly, and indirectly — about 20 thousand.
The Texas Working Group on Blockchain Issues under the governor of the state sees a commonality between bitcoin mining and oil production and believes that Texas, which is leading in oil production, is able to maintain leadership in the United States and in bitcoin mining.
