TechFlow reported, according to Coinspeaker, bitcoin mining firm Argo Blockchain announced on December 2 that it has raised £4.2 million through the issuance of 76.9 million new ordinary shares to an undisclosed institutional investor at a price of 5.5 pence per share. The transaction was executed via a cashbox mechanism, bringing the company's total issued shares to over 717 million.
The proceeds will be used to relocate or sell equipment at its Helios mining facility in Texas, while maintaining ongoing operations at its Quebec mine. Notably, the company incurred a pre-tax loss of $38.8 million in the first three quarters of 2024, with mining profit margins declining from 58% in the same period last year to 8%.
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