According to an official announcement, Bitcoin miner Argo said its former $27 million funding plan could no longer be completed and is continuing to explore other funding opportunities. In addition, the company sold 3,843 brand-new Bitmain S19J Pro machines to maximize liquidity and retain cash for cash proceeds of approximately $5.6 million. The company has indicated that if it cannot successfully complete any further financing, Argo will experience negative cash flow in the near term and will need to scale down or cease operations.
As previously reported, bitcoin miner Argo Blockchain raised $27 million through an 87 million share offering on October 7th to ease liquidity pressures. Peter Wall, the company's chief executive, said a combination of rising energy prices and falling bitcoin prices had hit Argo's profitability, leading to a cash shortage. The company also raised $7 million through the sale of 3,400 Antminer S19.