- Argo Sold 887 BTC holding in July and used the amount to pay the debt borrowed from Galaxy digital.
Argo Blockchain is a leading crypto mining firm globally with a support of 280 MS Equihash Rate. The firm is popularly known for its Bitcoin mining processes.
Argo Bitcoin co has mined 22.4 percent more Bitcoin in July 2022 in comparison to the last month of June. The company sold its 887 BTC holding at an average price of $22,670 US dollars per Bitcoin.
Argo is continuously selling its BTC holding to clear the debt on the firm issued by Galaxy Digital during the financial imbalance in the Argo Blockchain subsidiary based in Texas.
Argo Blockchain sold another slot of 887 Bitcoin holding in July 2022 to lower the obligation on the Bitcoin Backed Loan agreement with Galaxy Digital. And the first slot of 637 BTC holding was sold starting in June.
Argo reports state that the firm mined 219 Bitcoin in July, which is 22.4% more than in comparison to June.
Argo last year borrowed a loan of $45 million from Galaxy Digital to help its subsidiary in Texas, and later, in march 2022, Argo borrowed another loan from NYDIG of $26.22 million.
In a video presentation, the CEO of Argo Blockchain on Friday, 5 July 2022, stated, “That is something we’ve been deleveraging from over the last three,four,five months.”
Further adding, Peter said, ” That’s been a strategic decision by the company to make sure that that’s not future risk if bitcoin was to drop low.”
According to the foreign exchange rate and cryptocurrency price, the firm earned $4.73 million in July as mining revenue, and in June, the revenue was around $4.35 million.
According to The Coin Market Cap data, At the time of writing this article, one Bitcoin is around $23,189.
In July, Argo earned 219 Bitcoin in mining and mined 179 Bitcoins in June 2022. Moreover, many other mining firms are struggling to repay their debts. It is believed that if the price of Bitcoin rises in upcoming times, the struggling firm can survive in the market.