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Argo Blockchain hires derivatives traders to navigate the market, sells BTC to reduce loans

Bitcoin miner Argo Blockchain (ARB) says it has hired an in-house derivatives trader to better navigate the market roadmap that in June saw bitcoin’s biggest monthly drop in 11 five.

Miners saw an increase in bitcoin output in June, but its profits.

The company also sold 637 BTC for an average of $24,500 to cover operating costs and a loan from Galaxy Digital, the company said in a statement on Thursday.

Crypto miners sold bitcoins for their revenue along with the bear market. The company said it has been using derivatives to limit downside risk since Q4 2021 and hired a full-time trader to improve “funds and risk management.”

As of the end of June, London-listed Argo had $22 million outstanding with Galaxy Digital, according to the statement. The company signed a $30 million bitcoin-backed loan in December 2021, according to its annual earnings report.

Argo’s margins increased to 50% in June from 55% in May and 75% in April, due to higher electricity costs at the Helios facility in Texas and a drop in bitcoin (BTC) prices. The miner adjusted the margin figure for May from 62% as it took into account newly received invoices.

Last month, Argo’s revenue grew 10% to £3.38 million ($4.35 million) as it generated 46% more bitcoins compared to the previous month due to increased hash rates and uptime. .

Argo is one of four companies that have ordered new crypto mining chips from Intel. Others are Hive Blockchain, Griid Infrastructure and Jack Dorsey’s Block (formerly Square).

Intel has shipped its Blocksale chip, Raja Koduri, executive vice president and general manager of Accelerated Graphics and Computing Systems at Intel, tweeted June 29.

Shares of Argo were little changed in London at 09:10 UTC.