Argo Blockchain is hoping that their attempt to secure funding will help keep the company going, with some thinking that failing to do so could spell the demise of the company and lead them to fold.
Argo has attempted to raise £24 million from investors, but those attempts have fallen through which has had a major impact on shares, leading to a significant drop to the tune of 72%, and leaves the company in a tough position.
According to Coindesk, Argo recently sold 3,843 Antminer S19J Pros for $5.6 million in an attempt to maintain some short-term liquidity. This is just an example of the bitcoin mining industry, as a whole, finding itself in some rather rough times due to the rise of energy prices and operating costs coupled with the ongoing bear market.
It’s a recipe that won’t lead to long term success, and could find mining companies such as Argo folding due to these issues.