TechFlow news, bitcoin mining firm Argo stated that its previous $27 million financing plan is no longer achievable and is actively exploring alternative funding opportunities. In addition, the company sold 3,843 brand-new Bitmain S19J Pro miners to maximize liquidity and preserve cash, generating approximately $5.6 million in cash proceeds. The company warned that if it fails to successfully complete any further financing, Argo will face negative cash flow in the short term and may need to scale down or halt operations.
Earlier report: On October 7, bitcoin mining company Argo Blockchain raised $27 million by issuing 87 million shares to alleviate liquidity pressures. CEO Peter Wall said rising energy prices and declining bitcoin prices have jointly undermined Argo's profitability, leading to a cash shortfall. The company also raised $7 million by selling 3,400 Antminer S19 units.Original link
