The crypto mining firm planned to use the funds to reduce its debt to Galaxy Digital, from which the firm secured separate $20 million and $25 million BTC-backed loan agreements in 2021.Īrgo reported that as of June 30, it had an outstanding balance of $22 million on loan and holds “sufficient liquidity to avoid any potential liquidation of the BTC-backed loan if Bitcoin price continues to decline.”įollowing the crypto sales, the company said it held 1,963 BTC as well as BTC equivalents as of the last day of June, roughly 18% less than that reported one month earlier. Major mining firms, including BitFarms, Argo Blockchain, Core Scientific as well as Riot Blockchain, have sold some of their BTC holdings amid the recent market downturn.Īrgo Blockchain and other crypto mining firms sold part of their Bitcoin holdings.Īrgo sold 637 Bitcoin (BTC) in June for an average price of $24,500 - roughly $15.6 million. The miners brought in a 1,863 BTC, 328 of which it reported selling in June for roughly $8.4 million “for operations and growth.” “We are seeing unprecedented opportunities in this market,” according to Bradford.Īccording to the firm, the addition of the 1,063 miners added 93 petahashes per second (PH/s) to its total hash rate, reported to be 2.8 exahashes per second (EH/s) as of June 30. ITts CEO Zach Bradford made an interesting comment. It also bought 1,800 Antminer S19 XP rigs in June following the market downturn.
CleanSpark said it had purchased the machines for far less of price than that “just a few months ago,” hinting the recent bear market was responsible.
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