Argo Blockchain is a blockchain technology company based in London, United Kingdom. It is currently in the process of raising approximately GBP24 million from a strategic investor. It also plans to explore other financing options. Argo recently announced that it had sold 3,834 new-in-box Bitmain S19J Pro machines for approximately GBP4.8 million. Its recent news has caused some concern among investors.
Argo has been having liquidity problems. Its stock price has fallen dramatically. As of Monday, only about two million shares were traded, compared to its average daily trading volume of around 203,000 shares. The company’s problems come at a time when the crypto market is experiencing a rough year. Bitcoin has been hovering around the $20,000 mark, down from around $44,000 in March. The stock is down over 90% since the start of the year.
Argo has been actively selling Bitcoins. In July and June of this year, the company sold approximately 887 BTC. This was similar to many other crypto mining firms that sold self-mined BTC during the bear market of 2022. This downgrade does not mean that Argo is not a good investment.
The company has been raising funds to build another mining plant in Texas. This plant will add about 200 megawatts of Bitcoin mining capacity. The company has a good business model, and there is significant growth potential. During August 2021, Argo Blockchain mined 206 Bitcoins, up from 225 Bitcoins in July. The company also had 1,659 Bitcoins on its balance sheet.
In addition to analyzing the future of ARGO BLOCKCHAIN, it is important to understand the risks involved with the investment. While investors cannot predict when the price will drop, they can at least anticipate its direction. Using fundamental analysis and market strength indicators, they can identify entry and exit signals. Using these tools, they can make a more informed decision about which ARGO BLOCKCHAIN PLC to buy and sell.
