Argo Blockchain Continues Bitcoin Destruction To Pay Debts.

Argo blockchain liquidated over 887 BTC in July. The plan was to finally settle the company’s debt to Galaxy Digital. As a result, the Bitcoin loan was cut in half, to $6.72 million.

Firm That Mines Cryptocurrencies Sees Increased Bitcoin Sales

Argo blockchain, a cryptocurrency mining company, reportedly continues to sell Bitcoin at a rapid pace. According to a recent report, the company sold additional Bitcoin in July in an effort to pay down its debt to investment firm Galaxy Digital.

According to a press release issued on August 5th, the company has made 887 Bitcoin sales. The goal is to pay off a portion of the investment firm’s loan collateralized by bitcoin.

If the current Bitcoin price is estimated at $22,670, then the amount sold exceeds $20,1,000,000. This constitutes a sizable portion of the loan, amounting to some $50 million. On July 31st, the mining company’s debt to Galaxy Digital was reduced to $6.72 million.

According to the June report, Argo blockchain made more than $15.6 million from the sale of 637 Bitcoin. As a result, the company’s debt was $22 million as of June 30.

The company has been selling Bitcoin recently, but it still has a substantial amount stored. Reports indicate that as of July 31st, the mining juggernaut possessed over 1,295 BTC.

Argo Increased Mining Output in July.

Of the total 1,295 Bitcoin, other Bitcoin equivalents account for 227. Last month’s financial report noted an increase in mining volume for the company.

Over 219 Bitcoin or their equivalent were mined by the company in July. When compared to June, when it mined 179 BTC, this is a decrease.

It is estimated that the company’s mining revenue in July was over $4.73 million, based on current cryptocurrency prices and currency exchange rates. The company’s June revenues were in excess of $4.35 million.

In contrast, the Argo blockchain is a public organization supported by cryptocurrency miners. Moreover, its stock is traded on the Nasdaq and the London Stock Exchange.

Additionally, Argo is one of the crypto mining companies that has chosen to liquidate its Bitcoin. Other companies consist of Riot Blockchain, Core Scientific, and Bitfarms. This is because of the crypto market winter that has been going on for some time now.

Hive Blockchain Technologies, Hut 8, and Marathon, three industry giants in the crypto mining space, have all maintained their cryptocurrency reserves. Despite the turmoil in the cryptocurrency market, these companies have stuck to their HODL strategy.