In July, the mining company Argo Blockchain mined 219 BTC, which is 22% more than the previous month.
Argo’s July Operational Update is now out.
-Mined 219 BTC or BTC Equiv
-Mining rev was £3.8m ($4.73m) with mining margin of 37.4%
-Month-end, we held 1295 BTC & BTC Equiv (227 BTC Equiv)
More in today’s press release: https://t.co/epCcyiziwn
#ARB $ARBK #BTC
— Argo (@ArgoBlockchain) August 5, 2022
Production rose despite higher electricity costs at the Helios facility in Texas. Miners have previously suspended operations in the state amid heatwave-driven peak demand for electricity.
Mining revenue for the period under review was £3.89 million ($4.73 million) versus £3.38 million ($4.35 million) in June and £3.07 million ($3.89 million) in May.
At the end of the month, Argo Blockchain held 1295 BTC.
During July, the company sold 887 BTC at an average price of around $22,670. The proceeds were used to finance operating expenses, as well as reduce Galaxy Digital’s loan obligations.
“As of July 31, 2022, the company had an outstanding balance of $6.72 million on a loan secured by BTC,” the press release reads.
Argo bought a land plot for the construction of a data center in Texas in March 2021. The firm received a $20 million loan from Galaxy Digital to develop the enterprise. In September, the crypto trading bank provided the miner with a new $25 million loan.
In the spring of 2022, Argo Blockchain agreed with the New York Digital Investment Group to provide it with $70.6 million to purchase equipment for a data center in Texas.
Recall that as a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 1.74%. The indicator showed positive dynamics for the first time since the beginning of June.
In the same month, public mining companies sold a total of about 14,600 BTC – almost a quarter of their reserves in the first cryptocurrency.
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