The ongoing meltdown in prices of crypto assets has made many companies including crypto mining firms to look for a way out. This include Argo Blockchain PLC which have dumped crypto mining.
The company became the latest Bitcoin mining company to have sold more Bitcoin than it mined in a month.
According to a recent update, Argo sold 637 Bitcoin (BTC) in June at an average price of $24,500, bringing its total revenue from Bitcoin trades last month to $15.6 million.
In June, Argo mined 179 BTC, an increase of 55 BTC from May. June’s haul only accounts for about 28% of all the Bitcoin the company sold last month, however.
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Argo said that the proceeds from last month’s Bitcoin sell-off are being “used to fund operating expenses and growth capital, as well as to reduce obligations under a BTC-backed loan agreement with Galaxy Digital.”
As of June 30, Argo holds 1,935 Bitcoins, 210 of which are Bitcoin equivalents. It has an outstanding balance of $22 million on the Bitcoin-backed Galaxy Digital loan.
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