The British cryptocurrency mining company Argo Blockchain mined 179 BTC last month. However, due to current market conditions and a loan agreement with Galaxy Digital, the company had to sell 637 BTC at an average price of about $24,500.
In September 2021, Argo Blockchain received a $25 million bitcoin-backed loan from Galaxy Digital (an investment management firm headed by Mike Novogratz). The funding was intended to support the company's plans to expand into West Texas and meet its cash flow needs.
In its latest announcement, Argo Blockchain announced that it had to sell 637 BTC in June to reduce its obligations under the agreement. The average sale price was approximately $24,500. As of the end of last month, the organization had an outstanding loan balance of $22 million.
Going into production, Argo Blockchain mined 179 BTC in June compared to 124 BTC in May. The best results are associated with an increase in the total hashing power and greater efficiency of the Helios facility in Texas.
The organization currently owns 1,953 BTC (210 of which are BTC equivalents). In terms of current prices, their stash is almost $ 40 million.
June was a successful month for Argo's total hashing power, which rose to 2.2 EH/s. The company managed to install S19J Pro machines, which improved performance, and by October of this year, an additional 20,000 devices purchased from Bitmain are expected to be delivered. Peter Wall, CEO of Argo, told about the update:
"The ongoing efforts to significantly expand Argo mining operations are reflected in the figures for this month and in our increased hashrate...
We believe that the company has every opportunity to navigate the current market conditions and further improve the efficiency of our work. These figures, along with the permanent installations of S19J Pro machines, provide us with a strong position in relation to our mining capacity."