Cryptocurrency mining agency Argo Blockchain continues to promote its Bitcoin (BTC) holdings to chop its debt to Michael Novogratz’s crypto funding agency Galaxy Digital.

Argo bought one other 887 Bitcoin in July to scale back obligations underneath a BTC-backed mortgage settlement with Galaxy Digital, the agency announced on Friday.

With the typical BTC worth of $22,670, the gross sales totaled $20.1 million, accounting for a big a part of the utmost excellent mortgage steadiness of $50 million in Q2 2022. As of July 31, 2022, Argo held an excellent steadiness of simply $6.72 million underneath the BTC-backed mortgage, the announcement notes.

The most recent sale comes shortly after Argo bought one other 637 BTC in June 2022 for $15.6 million. The agency reported that by the tip of June 30, Argo had an excellent steadiness of $22 million on the mortgage.

Regardless of actively cashing out its Bitcoin over the previous few months, Argo nonetheless holds a notable stash of Bitcoin. As of July 31, 2022, Argo held a complete of 1,295 BTC, with 227 of these represented by BTC equivalents.

Within the newest operational replace, Argo additionally talked about that the corporate considerably elevated its mining volumes in July. Through the month of July, Argo mined 219 BTC or BTC equivalents, in comparison with 179 BTC within the earlier month. Primarily based on day by day overseas change charges and cryptocurrency costs in the course of the month, mining income in July amounted to $4.73 million, whereas revenues in June amounted to $4.35 million.

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Targeted on cryptocurrency mining, the Argo blockchain agency is a public firm listed on Nasdaq and the London Inventory Alternate. Argo is certainly one of many crypto mining firms that opted to promote self-mined bitcoins amid the bear market of 2022, together with corporations like Bitfarms, Core Scientific and Riot Blockchain.

In distinction, crypto mining corporations like Marathon, Hut 8 and Hive Blockchain Applied sciences have nonetheless most well-liked to stay with a long-standing HODL technique regardless of excessive market circumstances.