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Argo Blockchain Sells More Bitcoin To Reduce Debt At Galaxy Digital

 


Mining company Argo Blockchain is selling more Bitcoin ( BTC ) to pay off its debt to crypto investment firm Galaxy Digital.


In July alone, Argo sold 887 bitcoins to continue paying off Galaxy Digital's BTC loan, the company confirmed on Friday .


While there was still a remaining debt of USD 50 million at the beginning of Q2 2022, an additional USD 20.1 million was paid off in addition to the sales by the end of June at an average price of USD 22,670 per BTC. which brings remaining liabilities to only $6.72 million as of July 31, 2022.


According to Argo, 637 BTC were initially sold in June for the equivalent of USD 15.6 million, and the remaining debt was only USD 22 million at the end of June.


So, although the mining company has been busy selling bitcoin over the past few months, Argo still has 1,295 BTC, of ​​which 227 are represented by BTC-like financial products.


According to its own operating information, the company also significantly increased its mining volume in July. 219 BTC could be mined, while only 179 BTC were created in the previous month. According to current exchange rates, the profits for June add up to 4.35 million US dollars, for July there are again 4.73 million US dollars.

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