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The London Stock Exchange-listed cryptocurrency firm Argo Blockchain has warned that it’s at risk of ceasing operations due to a lack of financing.The crypto mining company Argo Blockchain continues to explore new financing opportunities after failing to raise major capital from a strategic investor, according to an announcement on Oct.
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In addition to issuing 87 million shares, which equates to around 15% of the business, Argo announced the sale of 3,400 Antminer S19 J Pro miners to a third party for a total of $7 million. The sale of mining equipment will cause a reduction in hash rate, Wall added. Source
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Rampant energy costs at the facility, which uses electricity bought on the spot market, have eaten into profitability this year. The margin, which stood as high as 74% in January, had sunk to 37% by July. The company is trying to secure a long-term, fixed-price power purchasing agreement to lower
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Argo expects to sign a fixed-price power purchasing agreement in the next couple of months, which will both stabilize its electricity spending and allow it to sell power back to the grid, along with other peers, Wall said. The company continues to target a long term power rate of about
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On Wednesday, Argo lowered its 2022 hashrate expectations from 5.5 EH/s to 3.2 EH/s, citing delays in the delivery and deployment of Intel's (INTC) Blockscale ASIC chips as they are redesigning them. The redesign is meant to increase the efficiency of the machines, close to Bitmain's Antminer S19 XP, whereas
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Argo’s revenue from mining in the first half of the year was $32.5 million, down 14% from the same period last year, mainly due to lower bitcoin prices and an increase in the global hashrate and associated network difficulty. Adjusted EBITDA for the first half of 2022 fell 28% from
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Cryptocurrency mining firm Argo Blockchain continues to sell its Bitcoin (BTC) holdings to cut 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 firm announced on Friday.With the average BTC price
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Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain in selling part of its Bitcoin holdings.In a Thursday blog post, Argo said it sold 637 Bitcoin (BTC) in June for an average price of $24,500 — roughly $15.6 million. The company planned to use the
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Crypto miners have been selling bitcoin as their revenues have slumped along with the bear market. The firm said that it has been using derivatives to limit downside risk since fourth-quarter 2021, and hired a full-time trader to improve its "capabilities within risk and treasury management." Source
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