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Investor Aaron Murphy accused board of failing to disclose the company's vulnerability to capital constraints, electricity costs, and network difficulties.
Continue reading Argo Blockchain Sued for Allegedly Misleading Investors at DailyCoin.
After a torrid 2022 that saw it sell off its flagship mining facility, Argo Blockchain's woes are worsening after a recent class action suit.
Galaxy Digital will also offer the Argo Blockchain a new $35 million asset-oriented loan, further easing the financial burden.
Argo Blockchain, a leader in Bitcoin mining, declared that it had signed binding agreements with Galaxy Digital Holdings. A subsidiary of Argo will sell its Helios facility in Dickens County, Texas, under the terms of the agreement for $65 million to restructure its asset-backed debts. According to the press release, Argo’s mining equipment will also […]
ASIC miners' price per terahash has fallen more than 80% from its peak in 2021 as Bitcoin mining machines continue to flood the marketplace.
As rumors about Argo’s possible bankruptcy continue to spread, more information about what caused the company’s troubles are unraveling.
The post Unpredictable electricity cost could have caused Argo’s troubles appeared first on CryptoSlate.
Argo Blockchain, an enterprise-scale provider of cryptocurrency mining and smart contract services, will declare bankruptcy. On December 9th, Will Foxley, the content director at Compass Mining, tweeted a screenshot of the Argo Blockchain “special information for stakeholders” regarding its bankruptcy, scheduled for December 12th. As the crypto industry heads towards deeper crypto winter, cryptocurrencies are not only […]
A Friday operational update halted trading of the embattled bitcoin miner in the United Kingdom and United States.
Though the crypto winter seems to be over, its impact on Bitcoin and the crypto market still lingers. Several crypto-related firms have gone down the drain over the pressure in the market. Some are still battling to stay afloat despite the forces’ influence while managing their operations. Most companies related to Bitcoin mining are getting more heat from the fluctuating market trend. Most Bitcoin miners have shut down businesses, but some filed for bankruptcy as they couldn’t weather the storm. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? Argo Blockchain is reportedly facing a negative cash flow, with the value of its shares declining. The pressure is getting more intense for the crypto mining giant in financing its continuous operation. More failures in such financing quests could lead to a halt in its process or a drastic cash drop in the future. Bitcoin Mining Giant Argo Blockchain With No Adequate Sources To Fight Insolvency The BTC miner released a press statement disclosing its previous financial plans. It noted how the firm has been exploring diverse economic opportunities. However, it has no concrete assurance in signing such agreements or completing fruitful transactions. It revealed that the company needs to consummate financial activities offering enough working capital for its operational requirements. Such economic growth is necessary for its sustainability in the next twelve months from today to avoid becoming bankrupt. According to the press, the firm had a partnership plan with an investor to generate $27 million through shares subscription. However, the attempt came out unsuccessful. Also, Argo Blockchain reported the sales of some of its mining equipment to preserve cash and enhance its liquidity. For example, it recorded selling about 3,843 brand-new Bitman S19J Pro machines in the firm’s last batch of inventory scheduled for October. Argo Blockchain Stock Plummets Following the recent downward financial stance, Argo’s shares performance has plummeted. The data indicated a decline of almost 50% over the past 24 hours. Also, the stocks report from the beginning of the year shows a dip of over 80%. The struggle by Argo has been going on for some time now. Finally, the Bitcoin mining firm got a $25 million BTC-backed loan from Galaxy Digital, an investment management company, in September 2021. The loan targets to support the miner’s cash flow requirements and expansion plans in West Texas. Argo has been selling its BTC, holding monthly throughout 2022. This move is the necessary option to cut down its part of the agreement and increase its balance sheet. In June this year, the firm sold about 637 Bitcoin at $24,500 per token. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? However, it seems to sell more Bitcoin tokens than it has produced. In June, the company mined about 179 BTC but sold 637 BTC coins. featured Image From Pexels, Charts From Tradingview
Shares of Bitcoin miner Argo fell 72% on Monday after a strategic investor failed to participate in the company's fundraising event (Read More)
Argo Blockchain, one of the largest public Bitcoin mining companies on the market, is facing a cash shortage that could force it to shut down in the near future.
The post Bitcoin miner Argo in trouble after failed strategic investment leaves it cashless appeared first on CryptoSlate.
Argo Blockchain PLC (LON: ARB), a publicly traded Bitcoin mining company that’s one of the largest in the world, has released an operational update showing its mining margin decreased to 20% in August.
In this latest blockchain news, and as per the company’s announcement Friday, the reduction in mining margin – from 37% in July – was down to two factors:
Bitcoin (BTC) price dropping 11% during the month and rising power costs at the firm’s mining facility Helios.
Notably, Argo’s power purchase agreement at the Texas-based facility provides for spot purchases of power. In August 2022, spot market prices averaged at $0.09 per kWh, almost three times prices in previous years, a scenario that has contributed to the reduced margin.
Argo’s mining revenue increasedExplaining the high spot power costs in West Texas, the firm pointed to the 204% jump in natural gas prices, the highest over the month compared to the same period in 2018-2021. The gas price problem, Argo contends, is due to the impact of war in Ukraine as well as low storage levels of the commodity in the US.
But despite this downside, Argo Blockchain mined 235 Bitcoin during the month – compared to 219 BTC mined in July. Increased hashrate at Helios and installation of new Bitmain S19J Pro miners had pushed total hashrate to 2.5 EH/s and keeps the company on track to achieve the target of 3.2 EH/s by end of October 2022.
The company has signed a strategic hosting agreement with an unnamed third party that will allow for efficiency at Helios and add to the hashrate, Peter Wall, Argo chief executive noted in a statement.
“While our mining margin is lower than expected, the recent high natural gas and electricity prices are a temporary reflection of broader market dislocations, and we are confident that electricity prices will align with historical trends in the near future. Further, electricity prices are seasonal, and we expect prices to decrease as temperatures come down through the cooler months.”
Argo held 1,098 Bitcoin as of 31 August 2022, while mining revenue was £4.39 million ($5.23 million), up from £3.89 million ($4.73 million) in July. The company’s shares were up by more than 10% on Friday as blockchain stocks mirrored the crypto market with a fresh bounce alongside broader risk market assets.
The post Argo Blockchain saw its Bitcoin mining margin drop to 20% in August appeared first on Invezz.
U.K.-based publicly traded cryptocurrency miner Argo Blockchain said on Wednesday it plans to update its year-end computing power from 5.5 EH/s to 3.2 EH/s by the end of 2022, a drop of 41.8%. (Read More)
Argo not only mined more Bitcoins in July, but also generated higher revenues than the previous month. The crypto mining firm faced challenges of electricity costs and its 17 series machines during the month of July. (Read More)
Argo Blockchain has released its financial report for the first quarter of 2022. It showed total quarterly revenue of $19.52 million, up from $17.84 million in the same period last year, attributed to an increase in hash rate over the past year. (Read More)
Argo Blockchain suffers losses of more than 90%. This accounts for Q1 of 2022 alone. BTC’s market crash accounts as
The London-listed Bitcoin mining company Argo Blockchain will officially launch its flagship mining facility Helios in Texas next week. (Read More)
The New York Times’ campaign against bitcoin rages on. Even though this time they had the perfect opportunity to write a balanced article, they didn’t. The author reports one positive bitcoin mining story after another, while keeping a snooty attitude and suggesting it’s all a PR move. The title summarizes the New York Times’ stance, “Bitcoin Miners Want to Recast Themselves as Eco-Friendly.” Related Reading | Valkyrie Bitcoin Mining ETF “WGMI” Approved For Nasdaq Listing Before we get into it, a quick story. The foremost expert in bitcoin’s energy consumption, Nic Carter, published an exhaustive report on mining. Among other things, it contained hard data that showed to what extent China was mining using hydropower energy. Mainstream media largely ignored it. The party line was that we couldn’t trust China’s statistics. And, that China was probably burning cole. Fast forward to last month. China banned bitcoin mining a while ago and bitcoin’s hashrate relocated, recovered, while the network functioned perfectly throughout. Most of China’s mining industry relocated to green energy-abundant countries. What did the New York Times post? An article called “China Banished Cryptocurrencies. Now, ‘Mining’ Is Even Dirtier,” that claims that Chinese miners were using hydropower energy and thus used cleaner energy. That’s the level of propaganda we’re dealing with. What Did The New York Times Say About Bitcoin Mining This Time? The article starts by featuring Argo Blockchain, the company is building a new facility that “would be fueled mostly by wind and solar energy.” They even quote Peter Wall, Argo CEO, saying. “This is Bitcoin mining nirvana. You look off into the distance and you’ve got your renewable power.” What could be wrong with that? Two paragraphs later, the New York Times starts pushing lies and embarrassing numbers: “A single Bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity, or enough energy to power the average American household for 73 days, researchers estimate.” Of course, those ridiculous claims come from Digiconomist, a widely debunked researcher who happens to be an employee of the Dutch Central Bank. And then, they blatantly quote the malicious study mentioned in the intro. “The Bitcoin network’s use of green energy sources also dropped to an average of 25 percent in August 2021 from 42 percent in 2020. (The industry has argued that its average renewable use is closer to 60 percent.) That’s partly a result of China’s crackdown, which cut off a source of cheap hydropower.” And quote Alex de Vries, one of the study’s authors, being completely off the mark. “What a miner is going to do if they want to maximize the profit is put their machine wherever it can run the entire day.” WHAT? To maximize profit, a miner is going to find the cheapest source of energy possible. Energy is their biggest cost. The cheapest source possible is energy that’s currently being wasted. That’s the situation. BTC price chart for 03/26/2022 on Forex.com | Source: BTC/USD on TradingView.com More Feel-Good Stories Framed As Bad News The New York Times even quotes Paul Prager, TeraWulf CEO, saying “Everyone I talk to now is talking about carbon neutrality. The language has absolutely changed.” And then, the newspaper spreads the good news. “TeraWulf, has pledged to run cryptocurrency mines using more than 90 percent zero-carbon energy. It has two projects in the works — a retired coal plant in upstate New York fueled by hydropower, and a nuclear-powered facility in Pennsylvania.” None of these stories are celebrated. Remember the article’s title, they are cynically presented as PR stunts. Then, it´s time for Sangha Systems, who “repurposed an old steel mill in the town of Hennepin. Sangha is run by a former lawyer, Spencer Marr, who says he founded the company to promote clean energy. But about half the Hennepin operation’s power comes from fossil fuels.” The New York Times Closes The Loop That’s the worst example that the New York Times could find. A person who “founded the company to promote clean energy” but had to make a compromise to start his business. To close the article, the author brings us back to Argo Blockchain and tries to pull something similar. Apparently, the CEO “can’t guarantee that Argo’s new center will have no carbon footprint. That would require bypassing the grid and buying energy directly from a renewable power company.” Related Reading | Biden Loves Intel’s Plan To Produce Semiconductors. What About Bitcoin Mining? And then, they quote him again. “A lot of those renewable energy producers are still a little bit skeptical of cryptocurrency. The crypto miners don’t have the credit profiles to sign 10- or 15-year deals.” So, Argo is really trying but it’s not possible at the moment for understandable reasons. And the whole industry is moving to a greener path because the incentives are aligned that way. Got it, New York Times. Got it. Featured Image by tacskooo on Pixabay | Charts by TradingView
The London-listed Bitcoin mining company, Argo Blockchain, has inked a partnership with Core Scientific that will see both companies swap their BTC mining machines over the next few months. (Read More)
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