Shares of Bitcoin miner Argo Blockchain have been suspended in the UK and US

Trading of shares Cryptocurrency miner London-based Argo Blockchain (ARBK) was suspended in the UK and US on Friday. The exact reason for the suspension is not disclosed, but is usually due to pending press releases.

In late October, Argo said a deal to raise $27 million from a strategic investor fell through, sending its shares down more than 70%.

“If Argo fails to complete the additional financing, Argo will be cash flow negative in the short term and may have to scale back or cease operations,” the company told the London Stock Exchange at the time.

In its November operating update released Friday, Argo said it continues to engage in financing discussions to “provide sufficient working capital for the company’s current needs.” He also said that a new notification in this regard will be issued soon.

Argo and many other publicly traded Bitcoin miners have been hit lately by a combination of falling cryptocurrency prices and rising energy costs.

Argo’s stock began falling in early October after the company announced a series of strategic moves, including the sale of bitcoin mining rigs, to meet its obligations and implement its strategy.

His November update showed that he mined 198 bitcoins during the month, up from 204 in October. Total revenue was $3.46 million, up from $4.0 million in the prior month.

related to