In June, the British mining company Argo Blockchain mined 179 BTC, up from 124 BTC month on month (growth of more than 44%). stated in the press release.
Mining revenue for the period amounted to £3.38m ($4.35m) versus £3.07m ($3.89m) in May.
At the end of the month Argo Blockchain held 1,953 BTC.
During June, the company sold 637 BTC at an average price of around $24,500. Proceeds were used to fund operating expenses, and to reduce Galaxy Digital’s loan obligations.
“As of 30 June 2022, the company had an outstanding balance of $22 million on a BTC-secured loan. The company is confident that it has sufficient liquidity to avoid any potential loan liquidation if the price of Bitcoin continues to fall,” the statement said.
Earlier, Argo reached an agreement with NYDIG’s subsidiary to provide $70.6m for the purchase of equipment for a mining facility in Texas.
In June, the Canadian mining company Hut 8 Mining mined 328 BTC and reaffirmed its commitment to accumulating Bitcoin in reserves.
A similar statement came from Marathon Digital Holdings, while Bitfarms decided to sell the mined assets to “increase liquidity and strengthen the balance sheet”.
Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, rates and analysis.