{"id":471640,"date":"2022-07-07T22:30:00","date_gmt":"2022-07-07T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/another-miner-cashes-in-argo-blockchain-reports-selling-637-btc-to-pay-debts\/"},"modified":"2022-07-07T22:30:00","modified_gmt":"2022-07-07T19:30:00","slug":"another-miner-cashes-in-argo-blockchain-reports-selling-637-btc-to-pay-debts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/another-miner-cashes-in-argo-blockchain-reports-selling-637-btc-to-pay-debts\/","title":{"rendered":"# Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a387947dd514\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a387947dd514\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/another-miner-cashes-in-argo-blockchain-reports-selling-637-btc-to-pay-debts\/#%E2%80%9D_Another_miner_cashes_in_Argo_Blockchain_reports_selling_637_BTC_to_pay_debts_%E2%80%9C\" >&#8221; Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Another_miner_cashes_in_Argo_Blockchain_reports_selling_637_BTC_to_pay_debts_%E2%80%9C\"><\/span>&#8221; Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOGE0ZWZhNTYtNDFlZC00MWYwLThlMzMtNjhmMTdkMWVlY2U1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain in selling part of its Bitcoin holdings.<\/p>\n<p>In a Thursday blog post, Argo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/argoblockchain.com\/news-room\/2022-june-operational-update\">said<\/a> it sold 637 Bitcoin (BTC) in June for an average price of $24,500 \u2014 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 \u201csufficient liquidity to avoid any potential liquidation of the BTC-backed loan if Bitcoin price continues to decline.\u201d<\/p>\n<p>\u201cWe have seen positive results from our risk management strategy through which we have reduced the company\u2019s exposure to its BTC-backed loan, and we have hired a full-time derivatives trader,\u201d said Argo CEO Peter Wall. \u201cWe believe the company is well positioned to navigate the current market conditions and further increase our efficiencies.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Argo&#8217;s June Operational Update is now live. Details:<br \/>-Mined 179 BTC or BTC Equiv, up 44% from May<br \/>-Mining rev was \u00a33.38 m [$4.35 m] <br \/>-Month-end, we held 1953 Bitcoin, of which 210 were BTC Equivalents<br \/>More in today\u2019s press release:  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/cHiFYcW4uf\">https:\/\/t.co\/cHiFYcW4uf<\/a> <br \/> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ARB?src=hash&amp;ref_src=twsrc%5Etfw\">#ARB<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ARBK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ARBK<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a><\/p>\n<p>\u2014 Argo (@ArgoBlockchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArgoBlockchain\/status\/1544940831190171651?ref_src=twsrc%5Etfw\">July 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nFollowing the crypto sales, Argo said it held 1,963 BTC and BTC equivalents as of June 30, roughly 18% less than that reported in May. Other mining firms including Bitfarms, Core Scientific and Riot Blockchain all reported selling a significant percentage of their BTC holdings in June amid the market downturn as the price of the crypto asset dipped under $18,000.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts<\/em><\/strong><\/p>\n<p>Argo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/argoblockchain.com\/news-room\/2022-may-operational-update\">reported<\/a> that it had curtailed mining operations at its Helios facility in Dickens County, Texas in May following high temperatures \u2014 many parts of the state experienced days of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>le-digit heat \u2014 leading to an \u201cincreased energy demand and higher electricity prices.\u201d However, its June report showed an increase in mined BTC and BTC equivalents from 124 to 179 due, in part, to \u201cgreater uptime at the Helios facility.\u201d Riot Blockchain also announced on Thursday plans to move some of its mining fleet from New York to Texas.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/another-miner-cashes-in-argo-blockchain-reports-selling-637-btc-to-pay-debts\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Another miner cashes in: Argo Blockchain reports selling 637 BTC to pay debts &#8220; Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":471641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOGE0ZWZhNTYtNDFlZC00MWYwLThlMzMtNjhmMTdkMWVlY2U1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,106056,117],"class_list":["post-471640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-sell","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=471640"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/471641"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=471640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=471640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=471640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}