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Mining Firm Argo Blockchain Mined 179 BTC in June

ByLouis Adams

Jul 8, 2022 #mining
Reading time: < 1 minute

British mining company Argo Blockchain mined in June 179 BTC compared to 124 BTC a month earlier, which represents an increase of more than 44%.

According to the press release, mining revenue for the period under review amounted to $4.35 million versus $3.89 million in May.

At the end of the month, Argo Blockchain held 1,953 BTC.

During June, the company sold 637 BTC at an average price of about $24,500. The proceeds were used to finance operating expenses, as well as reduce Galaxy Digital’s loan obligations.

The company has reported:

“As of June 30, 2022, the company had an outstanding balance of $22 million on a loan secured by BTC. The company is confident that it has sufficient liquidity to avoid any potential liquidation of the loan if the price of bitcoin continues to decline.”