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.
Read Also– Crypto Crash Causes Sales of Hardware
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.
Read Also– Crypto Crash Causes Sales of Hardware
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.
© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.
© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.