Argo blockchain sells off BTC

Argo blockchain is the second crypto miner this week to announce it has sold off more coins than it mined last month.

The company announced it sold 637 BTC in June at a price of $24,500, bringing its total revenue in BTC trades last month to $15.6m.

Argo minted 179 BTC in June, a 55 BTC increase from May. However, the number of BTC mined in June comprises just 28% of the total BTC sold by the company that same month.

Proceeds from last month’s BTC sell-off are being used to “reduce obligations under a BTC-backed loan agreement with Galaxy Digital and fund operating expenses and growth capital”, said Argo.

Argo holds 1,935 BTC as of June 30, 210 of which are described as ‘BTC equivalents’, with an outstanding balance on the BTC-backed Galaxy Digital loan standing at $22m.

Publicly traded BTC miners like Riot Blockchain and Marathon Digital sold more BTC than they mined in May, which was a considerably increased amount from the earlier months of the year when miners sold 30% of their earnings, according to data from Arcane Research.

“If they are forced to liquidate a considerable share of these holdings, it could contribute to pushing the Bitcoin price further down”, wrote Arcane Research BTC  mining analyst Jaran Mellerud, on the company website.

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Updated: 07/07/2022 — 13:00