Argo Blockchain Increased Bitcoin Mining by 22% in July

Argo Blockchain Increased Bitcoin Mining by 22% in July

Argo Blockchain increased bitcoin mining by 22% in July

During July, the Argo Blockchain mining company mined 219 BTC, which is 22% more than the previous month.

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Production rose despite higher electricity costs at the Helios facility in Texas. Miners have previously suspended operations in the state amid heatwave-driven peak electricity demand.

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 owned 1,295 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,” according to a press release. release.

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, a crypto trading bank gave a miner 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.

< p>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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