Argo Blockchain Sold More BTC Than What it Mined in June

The UK-based cryptocurrency mining firm – Argo Blockchain – mined 179 BTC last month. However, due to the current market conditions and its loan agreement with Galaxy Digital, the company had to sell 637 BTC at an average price of around $24,500.#togrp7

In September 2021, Argo Blockchain secured a $25 million bitcoin-backed loan from Galaxy Digital (an investment management firm spearheaded by Mike Novogratz). The financing was meant to fuel the company’s expansion plans in West Texas and meet its cash flow requirements. In its most recent announcement, Argo Blockchain disclosed that it had to sell 637 BTC in June to reduce the obligations of the agreement. The average price of the sellings was approximately $24,500. As of the end of last month, the entity had an outstanding balance of $22 million under its credit.#togrp7

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