Argo, the second crypto miner to announce this week that it has sold $15.6 million worth of Bitcoin, is now the second. Argo Blockchain PLC is now the latest Bitcoin mining company that has sold more Bitcoins than it mined over a month.
A update shows that Argo sold 637 Bitcoin in June at an average of $24,500. This brings its total Bitcoin trade revenue to $15.6 Million.
Argo mined 179 BTC in June, an increase of 55 BTC over May. However, June’s haul is only 28% of the total Bitcoin that the company sold in June.
Argo stated that proceeds from the Bitcoin sale last month are being used to “finance operating expenses and growth capital as well as reduce obligations under a BTC backed loan agreement with Galaxy Digital.”
Argo currently holds 1,935 Bitcoins as of June 30, 210 of which are equivalent to Bitcoins.
It still owes $22 million on its Bitcoin-backed Galaxy Digital loan.
Data from Arcane Research showed that Bitcoin miners like Marathon Digital or Riot Blockchain sold more Bitcoin in May than they mined in May. This is a significant change from the first four month of the year when miners only sold 30%.
Jaran Mellerud is an Arcane Research Bitcoin mining analyst. wrote that if they were forced to liquidate a significant share of these holdings it could help push the Bitcoin price down further.
An update to Core Scientific on Tuesday stated that 7,202 Bitcoin (or $165 million) were also sold by the NASDAQ-listed company last month at an average of $23,000. This left it with only 1,959 Bitcoin.
Chief executive Mike Levitt stated that the massive sale was made to pay for increased overheads during ” historical inflation”.
