Argo Blockchain increases Bitcoin mining by 22% in July

In July, the mining company Argo Blockchain mined 219 BTC, 22% higher figure than the previous month.

Argo’s July Operational Update is now out.

Details:
-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

Output rose despite higher electricity costs at the Helios facility in Texas. Earlier, miners had suspended operations in the state amid peak electricity demand driven by heatwaves.

Mining revenue for the period amounted to £3.89 million ($4.73 million) versus £3.38 million ($4.35 million) in June and £3.07 million ($3.89 million) in May.

By the end of the month Argo Blockchain owned 1295 BTC.

During July, the company sold 887 BTC at an average price of around $22,670. Proceeds were used to fund operating expenses and reduce Galaxy Digital debt obligations.

As of July 31, 2022, the company had an outstanding balance of $6.72 million on a BTC-collateralised loan, the press release states.

The land for the Texas data-centre is acquired in March 2021. The firm secured development financing of $20 million from Galaxy Digital. In September, the crypto lender provided the miner with a new $25 million loan.

In spring 2022, Argo Blockchain agreed with New York Digital Investment Group on providing it with $70.6 million to purchase equipment for the Texas data-centre.

As noted, following another adjustment, the mining difficulty of the first cryptocurrency rose by 1.74%. The metric showed positive momentum for the first time since the beginning of June.

In the same month, publicly traded mining companies sold a total of around 14,600 BTC — nearly a quarter of their reserves in the first cryptocurrency.

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