Argo Blockchain Continues Bitcoin Sell-off To Pay Debt
In July, Argo blockchain sold over 887 BTC from its crypto holdings. The aim was to pay the outstanding debt it owed Galaxy Digital. This reduced the Bitcoin-backed loan to only $6.72 million.
Crypto Mining Firm Sells More Bitcoin
According to reports, the crypto mining company Argo blockchain has not slowed down on its BTC selling spree. The firm reported that it sold more BTC in July to reduce the debt it owed investment company Galaxy Digital.
As per the company’s announcement on August 5th, it sold 887 BTC. The aim is to settle part of its BTC-backed loan with the investment firm.
Using the average price of Bitcoin at $22,670, the total amount sold is over $20.1 million. This accounts for a huge part of the loan, which is the remaining $50 million. As of the 31st of July, the mining company owes Galaxy Digital only $6.72 million.
In June, the company’s report stated that Argo blockchain sold 637 Bitcoin for over $15.6 million. Hence, on the 30th of June, the company’s debt stood at a $22 million balance.
Although the company has been selling its Bitcoin lately, it still has a good amount of Bitcoin in its vault. According to reports, the mining giant has over 1,295 BTC as of the 31st of July.
Argo Raised Mining Volumes In July
Meanwhile, 227 out of the 1,295 Bitcoin are represented by other Bitcoin equivalents. The company’s last financial update last month said it had raised its mining volume.
In July, the organization mined over 219 Bitcoin or its equivalents. This is lower than its figure in June when it mined 179 BTC.
According to crypto prices and foreign exchange rates, the firm’s mining revenue was over $4.73 million in July. In June, the company made over $4.35 million in revenue.
Meanwhile, the Argo blockchain is a public organization that is crypto mining-driven. Also, its shares are listed on the London Stock Exchange and Nasdaq.
Furthermore, Argo is among the crypto mining firms that decided to sell their minted BTC. Other firms include Riot Blockchain, Core Scientific, and Bitfarms. This is due to the ongoing crypto market winter.
On the flip side, crypto mining giants such as Hive Blockchain Technologies, Hut 8, and Marathon have held their crypto holdings. These firms have kept to their HODL strategy despite the crypto market crisis.
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