Argo Blockchain has been selling Bitcoin (BTC) that belongs to the blockchain’s holdings. The reason behind selling Bitcoin is to pay off the debt the blockchain owes Galaxy Digital.
Argo Blockchain is Selling Bitcoin to Pay Michael Novogratz
Argo Blockchain, which is a major cryptocurrency mining firm, has been selling Bitcoin in its holding to pay off its debt.
Argo Blockchain, a major cryptocurrency mining firm, owes a debt to Galaxy Digital, a cryptocurrency investment firm run by Michael Novogratz.
Argo Sold 887 Bitcoin
According to data, Argo Blockchain sold 887 Bitcoin in the month of July. The firm has done it to cut the debt it owes in the form of Bitcoin.
Argo Blockchain had acquired a Bitcoin-backed loan from Galaxy Digital. As per the agreement, Argo Blockchain was required to pay back the debt through Bitcoin.
Argo Blockchain made the announcement about selling a particular number of Bitcoin on Friday. The cryptocurrency mining firm sold 887 Bitcoins at an average price of $22,670.
With the sales of a total of 887 Bitcoins, Argo Blockchain has generated $20.1 million. With the generation of $20.1 million, the crypto mining firm will be able to pay off a substantial amount out of the outstanding balance of $50 million. It was on June 30, when Argo sold 637 Bitcoin worth $15.6 million.
Argo Still has a Handsome Bitcoin Stash
Although Argo has been selling Bitcoin from time to time, still, it has a significant amount of Bitcoin in its stash.
According to the report, the total number of Bitcoins held by Argo is 1,295. The figure regarding the total number of Bitcoins in the stash was updated on July 31, 2022.
Out of the total number of Bitcoins Argo holds, 227 assets it holds are equivalents of Bitcoin.
Argo has Significantly Updated its Mining Capacity
Argo Blockchain has recently updated that it has increased its mining capacity at a tremendous level. For this purpose, Argo has acquired many mining rigs (ASICs).
This means that the mining power of Argo has grown tremendously, which will also increase the mining difficulty for Bitcoin. This is a positive sign for Bitcoin as it will help increase the demand and value for Bitcoin.
Argo revealed that in the month of July alone, it was able to mine 219 BTC. If not Bitcoin, it was able to mine assets equivalent to Bitcoin that would equal 219 Bitcoin.
According to Argo, its mining revenues in the month of June and July were $4.35 million and $4.73 million, respectively.
At the time of writing, the value of Bitcoin stands at $23,949.13. Its value has surged by 3.07% and 4.08% in the past 24 hours and past 7-days respectively.