Bitcoin miner Argo Blockchain (ARB) claimed to have engaged an internal derivatives trader to understand the market better after bitcoin had its most significant monthly price decline in 11 years in June. The company also sold 637 BTC at an average of $24,500 to pay for operating costs and a loan from Galaxy Digital, it said in a statement on Thursday. Crypto Miners Selling Bitcoin Since their profits have decreased along with the bear market, cryptocurrency miners have been selling bitcoin. Since the fourth quarter of 2021, the company has used derivatives to reduce downside risk and employed a full-time trader to strengthen its “capabilities within risk and treasury management.” The declaration revealed that as of the end of June, Argo, a company with its headquarters in London, still owed Galaxy Digital $22 million. Argo Signed $30 Million Loan Secured by Bitcoin The company signed the $30 million loan secured by bitcoin in December 2021, per its annual financial report. Due to rising electricity costs at the Helios facility in Texas and the decline in the price of bitcoin (BTC), Argo’s margin shrunk to 50% in June from 55% in May and 75% in April. For May, the miner increased its margin from 62 percent to 63 percent to reflect freshly received bills. Due to increased hash rate and uptime, Argo produced 46% more bitcoin than the previous month, resulting in a 10% rise in revenue to £3.38 million ($4.35 million). Argo is one...
