Argo, Celsius End Mining-Services Pact as They Settle US Court Case

Argo will pay $6.3 million to cover its outstanding bill, and Celsius will give an unspecified amount of bitcoin to the miner.

Dec 8, 2021 at 10:26 a.m. UTC
Updated Dec 8, 2021 at 5:11 p.m. UTC

Argo Blockchain, the U.K.’s only publicly listed crypto miner, said on Wednesday that it has reached an agreement with Celsius Network to settle their pending litigation in the New Jersey federal court.

  • The London-based Argo will pay Celsius $6.3 million to cover its remaining obligations under a November 2020 leasing agreement. In return, it will take ownership of some Bitmain S19 Antminer S19 Pro mining machines, it said in statement.
  • The companies also agreed to end Argo’s mining-services agreement, and Argo will receive an unspecified amount of bitcoin from Celsius. Other terms of the settlement were not disclosed.
  • In February, Argo said it has installed 4,500 mining machines from Celsius Network, which was the final delivery of Antminers under Argo’s lease agreement with Celsius.
  • In March, Argo bought land for a data center in West Texas and has been buying machines to kit it out.
  • As of Nov. 30, Argo’s mining capacity grew by 310 petahashes per second to 1.605 exahashes per second.
  • Argo Blockchain’s shares (LSE: ARB) were 1.9% higher in London at press time. The company started trading on the Nasdaq Global Market (NASDAQ: ARBK) in September.

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Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.