Galaxy Digital CEO Mike Novogratz stated that he believes bear markets are ideal opportunities to continue improving. According to his latest tweet, the famous CEO is in the long run. to Bitcoin (BTC) maintains his faith.
“Bear markets are for developing. We believe in BTC for the long term and expect the lowest cost miners to win over time. Helios is a transformative acquisition that will expand our mining capabilities and services as we continue to build for the decentralized future.”
Bear markets are for building. We’re long-term believers in BTC and expect the lowest-cost miners to win over time. Helios is a transformative acquisition that will expand our mining capabilities and services as we continue to build for the decentralized future. https://t.co/8Zwf7Fj33t
— Mike Novogratz (@novogratz) December 28, 2022
Galaxy Digital, CEO of Mike Novogratz, Purchased an Important Bitcoin Mining Facility Yesterday
Earlier today, it was announced that Argo Blockchain has agreed to sell Dickens County-Texas-based mining facility Helios to Galaxy Digital for $65 million to avoid filing for bankruptcy protection.
Galaxy will also refinance Argo’s debt. The transaction is scheduled to be completed by the end of this month.
Novogratz sees the firm’s acquisition of Helios as an important step towards “building for the decentralized future.” According to the billionaire, the latest acquisition will not only expand Galaxy Digital’s mining capacity, but also work as a “hosting hub” for other miners with the acquisition.
The company started mining Bitcoin in 2021 and at that time acquired most of its operations from hosting providers. According to Novogratz, hosting providers have always been open to transferring their miners to Galaxy Digital-owned sites, and Helios allows them to do just that.
Novogratz put forward some simple arguments for success in mining: providing low-cost electricity and buying ASIC machines at cheap prices. According to the CEO, together with Helios, the company will be able to gain these advantages.
Galaxy Digital CEO Mike Novogratz, a former LUNA investor, said in a previous statement that he regretted this investment and learned a lesson.
*Not investment advice.
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