In July, mining company Argo Blockchain mined 219 BTC, 22% more than the previous month.

Production increased despite higher electricity costs at the Helios facility in Texas. Miners had previously suspended operations in the state due to high demand for electricity from the heatwave.

Mining revenue for the period under review was £3.89 million ($4.73 million) versus £3.38 million ($4.35 million) in June and £3.07 million ($3.89 million) in May.

At the end of the month, Argo Blockchain held 1295 BTC.

In July, the company sold 887 BTC at an average price of $22,670. The revenue was used to finance operating expenses and reduce Galaxy Digital’s loan obligations.

“As of July 31, 2022, the company had an outstanding balance of $6.72 million in a BTC-secured loan,” the press release said.

Argo purchased a plot of land for the construction of a data center in Texas in March 2021. The firm took out a $20 million loan from Galaxy Digital to develop the business. In September, the crypto merchant bank provided the miner with a new loan of $25 million.

In the spring of 2022, Argo Blockchain signed an agreement with New York Digital Investment Group to provide $70.6 million to purchase equipment for a data center in Texas.

Recall that as a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 1.74%. The indicator showed positive dynamics for the first time since the beginning of June.

In the same month, public mining companies sold a total of about 14,600 BTC – almost a quarter of their reserves in the first cryptocurrency.

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