ICYMI: Argo sold 637 bitcoin in June in an effort to strenghen its balance sheet
Argo mined 179 BTC in June, up 44% from the previous month. That was mainly due to an increase in hash rate and greater uptime at the new Texas facility, the company said. As of June 30, the company had 1,953 bitcoin, including 210 bitcoin equivalents.
The mining firm brought in $4.35 million in revenue last month, which is about 12% up from June. Mining margins were lower in June compared to last month . This was"driven primarily by the reduced price of Bitcoin and higher electricity costs at Helios," the company said. Bitcoin lost about a third of its value in June, going from around $30,000 at the beginning of the month to $20,000. As of press time, bitcoin's price was roughly $20,800, according to TradingView.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado.
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