Argo Blockchain Makes More Bitcoin Sales to Repay Debt

UK-based cryptocurrency miner Argo Blockchaincontinues selling parts of its bitcoin holdings to lower its obligations from a loan it took from Galaxy Digital. 

In the announcement detailing the firm’s operations for July, the crypto miner sold another 887 BTC to lower obligations to its bitcoin-backed loan.

The BTC was sold on average for $22,670, which amounted to $20.1 million. The proceeds from these sales were channeled into offsetting some of its loan obligations and funding operational expenses and growth capital. 

According to the announcement, It now has an outstanding balance of just $6.72 million under the BTC-backed loan as of the end of July.

Interestingly the July sales follow the 637 BTC it sold in June for a total of $15.6 million at an average price of $24,500. Moving on to production, Argo Blockchain mined 219 BTC in July which is an improvement on June’s 179 BTC. This better performance is attributed to increasing its hash rate capacity.

The firm’s mining revenue was slightly better compared to the previous month. It generated a total of $4.73 million in July compared to $4.35 million in June. 

Other Argo Blockchain Business Highlights

Notably, Argo Blockchain completed its S19 machine swap with its business partner, Core Scientific, in July. It expects better performance in the coming months following the completion.

So far in 2022, the company has been selling a significant portion of its monthly bitcoin production, steadily reducing its exposure to its BTC-backed loan and strengthening its balance sheet.

Despite these continued sales, the firm still has a notable amount of digital assets in its holding. As of the end of July, Agro held 1,295 BTC in its possession; out of this amount, 227 represent BTC equivalent.

Argo Blockchain is a major cryptocurrency mining firm listed on both NASDAQ and the London Stock Exchange. As a climate-positive crypto miner, its operations are predominantly powered by renewable energy.

Apart from Argo, other crypto miners like Bitfarms have resorted to selling self-minted bitcoins amid the bear market of 2022.

On the contrary, crypto miners like Hut 8 and Hive Blockchain Technologies have continued HODLing despite the extreme market conditions.