Crypto miner Argo Blockhain published an operational update for October 2022 on Tuesday. Among other things, the company reported it repaid the $6.7 million debt it owed Michael Novogratz’s crypto investment firm Galaxy Digital.
Argo Blockchain Settles $6.7M Debt to Galaxy Digital
Global crypto mining firm Argo Blockchain said it repaid its $6.7 million debt to Galaxy Digital, the company reported in the new operational update for October 2022. Until recently, Argo was consistently offloading its Bitcoin (BTC) holdings to reduce its debt to Mike Novogratz’s crypto firm.
“This is consistent with the Company’s risk management strategy and reduces balance sheet exposure to downside BTC price risk.”
Further, Argo also said in the update that Quebec’s public utility Hydro Quebec will continue providing access to power at Argo’s two mining facilities in the province. This comes in response to recent rumors that Hydro Quebec is considering cutting access to electricity for blockchain companies.
“The Company also wishes to respond to media reports falsely claiming that Hydro-Quebec, the public utility for power in Quebec, has proposed to stop providing electricity to existing mining operations. The Company has spoken with representatives from Hydro-Quebec and the City of Baie-Comeau, and is confident that its current access to power at its two Quebec facilities will continue for the foreseeable future.”
– Argo notedin the update.
Argo Mined Less BTC in October Due to Increased Bitcoin Network Difficulty
Regarding its mining efforts, Argo said it mined 204 Bitcoin or Bitcoin Equivalents in October, slightly down from the 215 BTC it mined in September 2022. The drop was mainly due to a substantial surge in Bitcoin network difficulty last month. Bitcoin mining has seen several consecutive difficulty increases in 2022.
Argo reported it sold 3,843 new-in-box Bitmain S19J Pro machines, which was also the last batch of the original Bitmain order meant for installation in October. As a result, Argo’s total hashrate capacity remains at 2.5 EH/s. Bitcoin’s hash rate reached a new all-time high in October.
As of October end, Argo said it held 138 BTC, 119 of which were BTC Equivalents. Argo’s mining margin stood at 32% in October, up 7% from the month before.
Argo said its mining revenue stood at around $4 million in October, down from $4.27 million in September. The company’s mining profit dropped significantly earlier this year due to rampant power costs at its Helios facility in Texas.
This article originally appeared on The Tokenist
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