This week, after the Core Scientific mining company announced that it sold 7202 Bitcoins in June, another Bitcoin mining firm, Argho Blockchain, also announced that it is selling. The company stated that it sold more Bitcoins than it produced in June, and received $15.6 million in cash from a total of 637 BTC sales.
According to the information the company shared with the public, Argo produced 179 BTC in June. This number was 55 more than in May.
“Operating expenses, growth expenses, Galaxy Digital payment…”
Argo Blockchain, a company that is also listed on the Nasdaq stock market, announced on its official website that Bitcoins were sold on an average of $ 24,500 and the income obtained was used for operating expenses and growth expenses. In addition, the company stated that a payment of a BTC-backed loan agreement previously made with Galaxy Digital was also made with the income from these sales.
“We have the liquidity to prevent liquidation”
On the other hand, the company stated that it also took precautions against the scenario of a further decrease in the Bitcoin price, and announced that it had sufficient liquidity in case the Bitcoin-backed loan was liquidated.
All new machines are ready in October
Argo Blockchain also reported that it currently holds 1935 Bitcoins and 210 Bitcoin equivalents. Noting that the company continues to install the new S19J Pro machines it ordered from the mining device manufacturer Bitmain, it announced that as of October 2022, all 20 thousand devices ordered from Bitmain in September 2021 will be installed.
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