.ArgoBlockchain hired an in-house derivatives trader to manage risk as it continued to sell bitcoin to fund operations and service its debt. egreechee reports
The company also sold 637 BTC at an average of $24,500 to pay for operating costs and a loan from Galaxy Digital, it saidCrypto miners have been selling bitcoin as their revenues have slumped along with the bear market. The firm said that it has been using derivatives to limit downside risk since fourth-quarter 2021, and hired a full-time trader to improve its"capabilities within risk and treasury management.
As of the end of June, London-listed Argo had $22 million outstanding with Galaxy Digital, according to the statement. The firm signed the $30 million loan collateralized by bitcoin in December 2021, according to itsArgo's margin narrowed to 50% in June from 55% in May and 75% in April, driven by higher electricity costs at the Helios facility in Texas and the bitcoin price drop. The miner revised its margin figure for May from 62% as it took into account newly received invoices.
Last month, Argo's revenue rose 10% to £3.38 million as it produced 46% more bitcoin than the previous month due to increased hashrate and uptime. Argo is one of four companies that have put down orders for new crypto mining chips from Intel. The others are Hive Blockchain, Griid Infrastructure and Jack Dorsey's Block .
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