Bitcoin Mining Giant Argo Blockchain Gets Negative Cash Flows And Stock Price Dips

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Tue, Noema 1, 2022 9:57 PM

Bitcoin Mining Giant Argo Blockchain Gets Negative Cash Flows And Stock Price Dips

Though the crypto winter seems to be over, its impact on Bitcoin and the crypto market still lingers. Several crypto-related firms have gone down the drain over the pressure in the market. Some are still battling to stay afloat despite the forces’ influence while managing their operations.

Most companies related to Bitcoin mining are getting more heat from the fluctuating market trend. Most Bitcoin miners have shut down businesses, but some filed for bankruptcy as they couldn’t weather the storm.

Ko te korero a Argo Blockchain kei te anga atu ki te rerenga moni kino, me te heke o te uara o ona hea. Kei te kaha haere te pehanga mo te roopu keri crypto ki te putea i tana mahi tonu. Ko te maha atu o nga rahunga i roto i enei rapunga putea ka aukati i tana mahi, te hekenga moni ranei a muri ake nei.

Bitcoin Mining Giant Argo Blockchain With No Adequate Sources To Fight Insolvency

I tukuna e te miner BTC he whakapuaki korero te whakaatu i ana mahere putea o mua. I tohuhia he pehea te tirotiro a te umanga i nga huarahi ohanga rereke. Heoi, karekau he tino whakapumautanga mo te hainatanga o aua kirimana, ki te whakaoti ranei i nga whakawhitinga whai hua.

I whakaatu mai me whakapau kaha te kamupene ki nga mahi putea e nui ana te whakapaipai mahi mo ana whakaritenga whakahaere. Ko taua tipuranga ohaoha e tika ana kia mau tonu i roto i nga marama tekau ma rua e whai ake nei mai i tenei ra kia kore ai e kaihau.

E ai ki nga perehi, he mahere mahi tahi te umanga me tetahi kaipupuri moni ki te whakaputa $27 miriona ma te ohaurunga hea. Heoi, karekau te nganatanga i tutuki.

I tua atu, i kii a Argo Blockchain i nga hoko o etahi o ana taputapu maina ki te pupuri i nga moni me te whakarei ake i te moni. Hei tauira, i tuhia e ia te hoko mo te 3,843 nga miihini Bitman S19J Pro hou i roto i te roopu whakamutunga o te umanga kua whakaritea mo Oketopa.

Argo Blockchain Stock Plummets

Whai muri i te hekenga o te putea o naianei, kua heke te mahi o nga hea a Argo. Ko nga raraunga i tohu he heke tata ki te 50% i roto i nga haora 24 kua hipa. Ano hoki, ko nga korero a nga rakau mai i te timatanga o te tau e whakaatu ana i te heke o te 80%.

The struggle by Argo has been going on for some time now. Finally, the Bitcoin mining firm got a $25 million BTC-backed loan from Galaxy Digital, an investment management company, in September 2021. The loan targets to support the miner’s cash flow requirements and expansion plans in West Texas.

Argo has been selling its BTC, holding monthly throughout 2022. This move is the necessary option to cut down its part of the agreement and increase its balance sheet. In June this year, the firm sold about 637 Bitcoin mo 24,500 US tāra mo ia tohu.

However, it seems to sell more Bitcoin tokens than it has produced. In June, the company mined about 179 BTC but sold 637 BTC coins.

Kuputuhi taketake: NewsBTC