Argo Blockchain Increases Bitcoin Production 44% In June
- July 7, 2022
- 0
In June, British mining company Argo Blockchain mined 179 BTC (an increase of more than 44%) compared to 124 BTC a month ago. This is stated in the
In June, British mining company Argo Blockchain mined 179 BTC (an increase of more than 44%) compared to 124 BTC a month ago. This is stated in the press release.
Mining revenue for the period under review was £3.38 million ($4.35 million), up from £3.07 million ($3.89 million) in May.
At the end of the month, Argo Blockchain held 1953 BTC.
In June, the company sold 637 BTC at an average price of $24,500. The revenue was used to finance operating expenses and reduce Galaxy Digital’s loan obligations.
“As of June 30, 2022, the company had an outstanding balance of $22 million in a BTC-secured loan. The company is confident that it has sufficient liquidity to avoid possible liquidation of the loan if the bitcoin price continues to drop.
Argo previously entered into an agreement with NYDIG’s subsidiary to provide $70.6 million for the purchase of equipment for a mining operation in Texas.
Recall that in June, Canadian mining company Hut 8 Mining issued 328 BTC and confirmed its commitment to the strategy of accumulating bitcoin in reserves.
Marathon Digital Holdings made a similar statement, while Bitfarms decided to sell the issued assets to “increase liquidity and strengthen the balance sheet.”
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Source: Fork Log
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