Argo Blockchain warned about the prospects of termination of activities

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Mining company Argo Blockchain is selling off recently acquired equipment and is looking for new investors.

Argo Blockchain has officially announced that it willwill have to stop working due to lack of money. The company continues to look for new ways to obtain financing after the failure of one of its important strategic investors. Argo expected to raise $27 million through a subscription to common shares. However, as the company reported, the subscription will not be completed on the previously agreed terms.

Over the next 12 months, Argo will continuelook for the necessary capital, but the company is not confident that it will be possible to conclude any new agreements or transactions. If capital is not found, the mining company will reduce all its operations, and perhaps close forever, since further activities will only bring losses.

For now, the company is trying to save moneyand optimize liquidity: it sold 3,843 new Bitmain S19J Pro miners for $5.6 million. This equipment was planned to be launched in October. Despite the forced sale, Argo's hashing power remained at the same level - 2.5 EH/s. Although the company expected to increase the figures to 2.9 Eh/s by the end of October.

Argo Blockchain previously reported that rising operating costs, falling prices for crypto assets and increasing mining difficulty reduced revenue and net profit.