Bitcoin mining company Argo's $27 million financing plan has failed, and it may experience negative cash flow in the short term

2022-10-31 16:27:40

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ChainCatcher news, Bitcoin mining company Argo announced that its previous $27 million financing plan has been unable to complete and is continuing to explore other financing opportunities. Additionally, the company sold 3,843 brand new Bitmain S19J Pro machines to maximize liquidity and preserve cash, with cash proceeds of approximately $5.6 million. The company stated that if it cannot successfully complete any further financing, Argo will experience negative cash flow in the short term and will need to cut expenses or cease operations.

Previously reported, Bitcoin mining company Argo Blockchain planned to raise $27 million by issuing 87 million shares to alleviate liquidity pressure. The company's CEO Peter Wall stated that rising energy prices and falling Bitcoin prices have hit Argo's profitability, leading to a cash shortfall. Additionally, the company raised $7 million by selling 3,400 Antminer S19 units. (source link)

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