Shares of Bitcoin Miner Argo Blockchain Banned in UK and US
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A Decline in Argo Shares
When Argo revealed at the end of October that a proposal to acquire $27 million from a strategic investor had gone through, its shares dropped more than 70%. Argo stated in its November operating report that it was still in contact with potential lenders to give the firm capital investment sufficient for its current requirements. The statement said that a further announcement will be released in due course.
The recent combination of declining cryptocurrency prices and increased energy costs has been bad for Argo and numerous other publicly listed bitcoin miners.
Impact of Strategic Moves
When Argo announced a series of strategic moves, including the sale of bitcoin mining equipment, to meet its obligations and carry out its goal, the company's shares started to decline at the beginning of October.
According to its November report, it mined 198 bitcoins throughout the month, which is less than the 204 mined in October. Additionally, it stated that sales totaled $3.46 million, down from $4.0 million the month prior.