A cause for concern? Cryptocurrency mining firm Argo Blockchain is continuing to sell its Bitcoin holdings to cut its debt to Michael Novogratz’s crypto investment firm Galaxy Digital. (Reporting via coindanslecoin)
Argo sold another 887 Bitcoin in July to reduce obligations under a BTC-backed loan agreement with Galaxy Digital, the firmWith the average BTC price of $22,670, the sales totaled $20.1 million, accounting for a significant part of the maximum outstanding loan balance of $50 million in Q2 2022. As of July 31, 2022, Argo held an outstanding balance of just $6.72 million under the BTC-backed loan, the announcement notes.for $15.6 million.
Despite actively cashing out its Bitcoin over the past few months, Argo still holds a notable stash of Bitcoin. As of July 31, 2022, Argo held a total of 1,295 BTC, with 227 of those represented by BTC equivalents. In the latest operational update, Argo mentioned that the company significantly increased its mining volumes in July. During the month of July, Argo mined 219 BTC or BTC equivalents, compared to 179 BTC in the previous month. Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in July amounted to $4.73 million, while revenues in June amounted to $4.35 million.
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