Bitcoin Miner Argo's $27M Fundraise Falls Through; Shares Plunge
Argo Blockchain's (ARB) said a deal to raise 24 million British pounds (US$27 million) from a strategic investor has fallen through, sending the bitcoin mining company's shares tumbling as much as 72%. The London-based firm, which earlier this month signed a letter of intent to sell 87 million shares to the investor.
The bitcoin mining industry is at a critical moment as it battles soaring energy prices coupled with the stagnated value of cryptocurrencies. Last week, Core Scientific (CORZ) warned investors that it may have to consider bankruptcy, while in September crypto mining data center Compute North filed for Chapter 11 bankruptcy after it emerged that it owed $500 million to at least 200 creditors. They have lost some 92% this year.
Source
t.me/Mining_Crypto_Miner
