Cryptocurrency miner Argo Blockchain continues to sell its Bitcoin (BTC) holdings to reduce its debt to Michael Novogratz’s crypto investment firm Galaxy Digital.

Argo sold another 887 Bitcoin in July to reduce obligations under a BTC-backed loan agreement with Galaxy Digital, the company announced Friday.

With an average BTC price of $22,670, sales totaled $20.1 million, which is a significant portion of the maximum loan balance of $50 million outstanding in the second quarter of 2022. As of July 31, 2022, Argo held a balance of Only $6.72 million is owed under the BTC-backed loan, the announcement notes.

The latest sale comes shortly after Argo sold another 637 BTC in June 2022 for $15.6 million. The company stated that by the end of June 30, Argo had an outstanding balance of $22 million on the loan.

Despite actively cashing out bitcoins over the past few months, Argo still holds a notable bitcoin stock. As of July 31, 2022, Argo had a total of 1,295 BTC, with 227 of those represented by BTC equivalents.

In its latest operational update, Argo reported that the company significantly increased its mining volumes in July. During July, Argo mined 219 BTC or BTC equivalent, compared to 179 BTC in the previous month. Based on daily exchange rates and cryptocurrency prices for the month, mining revenue in July was $4.73 million, while revenue in June was $4.35 million.

Related: Riot Blockchain’s Bitcoin Mining Productivity Drops 28% YoY Amid Record Heat in Texas

Argo blockchain company focused on cryptocurrency mining, is a public company listed on NASDAQ and the London Stock Exchange. Argo is one of several crypto-mining companies that have chosen to sell their self-mining Bitcoin amid the 2022 bear market, including companies such as Bitfarms, Core Scientific and Riot Blockchain.

In contrast, crypto miners like Marathon, Hut 8, and Hive Blockchain Technologies still prefer to stick to the long-term HODL strategy despite the harsh market conditions.

Source: CoinTelegraph