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Argo Blockchain, a cryptocurrency mining firm, has continued to promote its Bitcoin holdings to repay the debt owed to Galaxy Digital, a cryptocurrency funding firm owned by Michael Novogratz.
Argo Blockchain sells Bitcoin
Argo Blockchain has introduced a sale of one other 887 Bitcoin. The corporate introduced that the sale made in July would scale back the corporate’s obligations on a Bitcoin-backed mortgage settlement with Galaxy Digital.
The common Bitcoin value for the bought cash was $22,670, with the sale totaling $20.1 million. The sale additionally accounted for a major quantity of the utmost excellent mortgage steadiness of $50 million throughout the second quarter of 2022.
As of July 31, 2022, Argo Blockchain held an impressive steadiness of solely $6.72 million underneath a Bitcoin-backed mortgage. The sale of the corporate’s Bitcoin additionally comes after the mining firm bought one other 637 BTC in June 2022. The sale was made for $15.6 million.
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Argo additionally reported that by the top of June, the corporate’s excellent steadiness on its mortgage was $22 million. Regardless of the corporate actively cashing out its Bitcoin over the previous few months as the value of Bitcoin tumbled, the corporate nonetheless holds a lot of BTC. As of July 31, Argo’s Bitcoin holdings had been 1,295 BTC. Out of this, 227 had been represented by Bitcoin equivalents.
Within the latest replace, Argo additionally revealed that it had elevated its mining volumes in July considerably. Throughout the month, Argo mined 219 BTC price of Bitcoin equivalents, whereas it had mined 179 BTC throughout the earlier month.
The international alternate charges and cryptocurrency costs in July additionally confirmed that the mining income throughout the month got here in at $4.73 million, whereas the month-to-month revenues got here in at $4.35 million.
Argo Blockchain is an organization that focuses on digital asset mining. Argo Blockchain is listed on NASDAQ and the London Inventory Change. Argo can be one of many largest cryptocurrency mining firms which have chosen to promote self-mined Bitcoin amid the continued bear market of 2022. This included firms corresponding to Bitfarms, Core Scientific, and Riot Blockchain.
Mining firms amid bear market
Some main crypto mining firms corresponding to Marathon, Hut 8, and Hive Blockchain Applied sciences have nonetheless most well-liked a HODL technique regardless of the continued market circumstances. Nevertheless, a few of these firms dumped a few of their holdings in June after a large plunge in Bitcoin costs.
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