Argo Blockchain has joined crypto mining companies together with Bitfarms, Core Scientific and Riot Blockchain in promoting a part of its Bitcoin holdings.

In a Thursday weblog submit, Argo said it bought 637 Bitcoin (BTC) in June for a median value of $24,500 — roughly $15.6 million. The corporate deliberate to make use of the funds to cut back its debt to Galaxy Digital, from which Argo secured separate $20 million and $25 million BTC-backed mortgage agreements in 2021. The mining firm reported that as of June 30, it had an excellent stability of $22 million on the mortgage and holds “ample liquidity to keep away from any potential liquidation of the BTC-backed mortgage if Bitcoin value continues to say no.”

“We’ve seen optimistic outcomes from our threat administration technique via which we have now diminished the corporate’s publicity to its BTC-backed mortgage, and we have now employed a full-time derivatives dealer,” stated Argo CEO Peter Wall. “We imagine the corporate is effectively positioned to navigate the present market circumstances and additional improve our efficiencies.”

Following the crypto gross sales, Argo stated it held 1,963 BTC and BTC equivalents as of June 30, roughly 18% lower than that reported in Might. Different mining companies together with Bitfarms, Core Scientific and Riot Blockchain all reported promoting a big share of their BTC holdings in June amid the market downturn as the worth of the crypto asset dipped beneath $18,000.

Associated: Bitfarms bought 3K Bitcoin as a part of technique to enhance liquidity and pay money owed

Argo reported that it had curtailed mining operations at its Helios facility in Dickens County, Texas in Might following excessive temperatures — many components of the state skilled days of triple-digit warmth — resulting in an “elevated power demand and better electrical energy costs.” Nevertheless, its June report confirmed a rise in mined BTC and BTC equivalents from 124 to 179 due, partially, to “better uptime on the Helios facility.” Riot Blockchain additionally introduced on Thursday plans to maneuver a few of its mining fleet from New York to Texas.