UK-based cryptocurrency mining company Argo Blockchain failed to raise a targeted investment of $27 million. After the news, the company’s shares fell rapidly.
The Bitcoin mining industry is trying to combat the stagnant pricing of cryptocurrencies and rising energy prices. Announcing that it is on the verge of a financial crisis in the past, Argo Blockchain is a strategic investor. 27 million dollar investment raising deal failed and the company’s stock to 72% He said there has been a decline.
To ease liquidity pressures earlier this month, an investor 87 million units The company, which is trying to sell shares, did not give details as to why the deal was cancelled. business, future 12 months He said that work will continue to provide capital for the company and to secure its agreements.
In the statement made by the London Stock Exchange on the subject, the following statements were given as a warning:
If Argo’s efforts to raise more financing continue to fail, the company’s cash flow will turn negative in the near term and will need to cut back or cease operations.
Argo Blockchain has spent the past few weeks in a bid to provide short-term liquidity. $5.6 milliona 3,843 Antminer S19J Pro sold it. Earlier 3.400 pieces of mining device 7 million dollars He had planned to sell.