Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts
2022.07.08 02:02
Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts
Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain (NASDAQ:RIOT) in selling part of its Bitcoin holdings.
In a Thursday blog post, Argo said it sold 637 Bitcoin (BTC) in June for an average price of $24,500 — roughly $15.6 million. The company planned to use the funds to reduce its debt to Galaxy Digital, from which Argo secured separate $20 million and $25 million BTC-backed loan agreements in 2021. The mining company reported that as of June 30, it had an outstanding balance of $22 million on the loan and holds “sufficient liquidity to avoid any potential liquidation of the BTC-backed loan if Bitcoin price continues to decline.”
