Cryptocurrency mining firm 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 Bitcoins in July to reduce obligations under a BTC loan agreement with Galaxy Digital, the company announced on Friday.

With an average BTC price of $22,670, sales totaled $20.1 million, representing a significant portion of the maximum outstanding loan balance of $50 million in the second quarter of 2022. As of July 31, 2022, Argo had an outstanding balance of only USD 6.72 million according to the BTC-backed loan, according to the statement.

The latest sale comes shortly after Argo sold another 637 BTC in June 2022 for $15.6 million. The company reported that as of the end of June 30, Argo had $22 million in outstanding debt per loan.

Despite actively cashing out its Bitcoins over the past few months, Argo still has a significant supply of Bitcoins. As of July 31, 2022, Argo held a total of 1,295 BTC, of ​​which 227 were BTC equivalents.

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

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

Focused on cryptocurrency mining, Argo blockchain company is a public company listed on Nasdaq and London Stock Exchange. Argo is one of many crypto mining companies that have decided to sell self-mined Bitcoins amid the 2022 bear market, including companies like Bitfarms, Core Scientific, and Riot Blockchain.

In contrast, crypto mining companies like Marathon, Hut 8, and Hive Blockchain Technologies still prefer to stick to a long-term HODL strategy despite extreme market conditions.

Source: CoinTelegraph