Crypto miner Argo Blockhain printed an operational replace for October 2022 on Tuesday. Amongst different issues, the corporate reported it repaid the $6.7 million debt it owed Michael Novogratz’s crypto funding agency Galaxy Digital.
Argo Blockchain Settles $6.7M Debt to Galaxy Digital
International crypto mining agency Argo Blockchain stated it repaid its $6.7 million debt to Galaxy Digital, the corporate reported within the new operational replace for October 2022. Till just lately, Argo was constantly offloading its Bitcoin (BTC) holdings to scale back its debt to Mike Novogratz’s crypto agency.
“That is according to the Firm’s danger administration technique and reduces steadiness sheet publicity to draw back BTC worth danger.”
October 2022 Operational Replace
Additional, Argo additionally stated within the replace that Quebec’s public utility Hydro Quebec will proceed offering entry to energy at Argo’s two mining services within the province. This is available in response to current rumors that Hydro Quebec is contemplating slicing entry to electrical energy for blockchain corporations.
“The Firm additionally needs to answer media experiences falsely claiming that Hydro-Quebec, the general public utility for energy in Quebec, has proposed to cease offering electrical energy to current mining operations. The Firm has spoken with representatives from Hydro-Quebec and the Metropolis of Baie-Comeau, and is assured that its present entry to energy at its two Quebec services will proceed for the foreseeable future.”
– Argo notedin the replace.
Argo Mined Much less BTC in October Attributable to Elevated Bitcoin Community Problem
Relating to its mining efforts, Argo stated it mined 204 Bitcoin or Bitcoin Equivalents in October, barely down from the 215 BTC it mined in September 2022. The drop was primarily because of a considerable surge in Bitcoin community problem final month. Bitcoin mining has seen a number of consecutive problem will increase in 2022.
Argo reported it offered 3,843 new-in-box Bitmain S19J Professional machines, which was additionally the final batch of the unique Bitmain order meant for set up in October. Consequently, Argo’s whole hashrate capability stays at 2.5 EH/s. Bitcoin’s hash price reached a brand new all-time excessive in October.
As of October finish, Argo stated it held 138 BTC, 119 of which have been BTC Equivalents. Argo’s mining margin stood at 32% in October, up 7% from the month earlier than.
Argo stated its mining income stood at round $4 million in October, down from $4.27 million in September. The corporate’s mining revenue dropped considerably earlier this yr because of rampant energy prices at its Helios facility in Texas.