Argo Blockchain Has Been Unable to Raise £24M in Equity Capital

Argo Blockchain has acknowledged that the deal to sell £24 million worth of company shares to a strategic investor to replenish working capital fell through.

According to the press release:

“The company no longer believes that this subscription will be completed on previously announced terms. Argo continues to explore other funding opportunities.”

In order to obtain liquidity, the firm sold 3,843 new Antminer S19J Pro ASIC miners from Bitmain. This was the last batch of shipments scheduled for October. Argo’s revenue was around £4.8m.

As a result, the hashrate of the company in the Bitcoin network remained the same – 2.5 EH/s.