/crypto
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14 days ago
Argo mined 22.4% more bitcoin in July than in June — and sold 887
Bitcoin miner Argo mined 22.4% more bitcoin in July compared with June. It also sold 887 BTC in July, at an average price of $22,670 per coin.
The company used a majority of those revenues to reduce its bitcoin-backed loan with Galaxy Digital down to $6.72 million. Argo had $58.6 million in credit as of March 31, 2022, according to its first quarter results.
In addition to the $45 million it borrowed from Galaxy last year to help finance its Texas facility, the company signed an additional $26.66 million loan from NYDIG in March of this year.
"That is something we’ve been deleveraging from over the last three, four, five months," said CEO Peter Wall in a video presentation on Friday. "That’s been a strategic decision by the company to make sure that that’s not a future risk if bitcoin was to drop low."
Argo sold 637 BTC in June. Like it did this month, it had also used the proceeds to pay off debt, bringing its outstanding balance with Galaxy down to $22 million at the end of June. Argo held 1,295 BTC, of which 227 were BTC equivalents, as of 31 July.
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