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Argo Blockchain continues selling Bitcoin to pay off Galaxy Digital debt

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 announced a sale of one other 887 Bitcoin. The firm 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 worth for the bought cash was $22,670, with the sale totaling $20.1 million. The sale additionally accounted for a big quantity of the utmost excellent mortgage stability of $50 million in the course of the second quarter of 2022.

As of July 31, 2022, Argo Blockchain held an impressive stability of solely $6.72 million below 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 tip of June, the corporate’s excellent stability on its mortgage was $22 million. Despite 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.

In the current replace, Argo additionally revealed that it had elevated its mining volumes in July considerably. During the month, Argo mined 219 BTC value of Bitcoin equivalents, whereas it had mined 179 BTC in the course of the earlier month.

The overseas trade charges and cryptocurrency costs in July additionally confirmed that the mining income in the course of 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 Stock Exchange. Argo is additionally one of many largest cryptocurrency mining corporations which have chosen to promote self-mined Bitcoin amid the continued bear market of 2022. This included corporations reminiscent of Bitfarms, Core Scientific, and Riot Blockchain.

Mining corporations amid bear market

Some main crypto mining corporations reminiscent of Marathon, Hut 8, and Hive Blockchain Technologies have nonetheless most popular a HODL technique regardless of the continued market situations. However, a few of these corporations dumped a few of their holdings in June after an enormous plunge in Bitcoin costs.

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