Argo Blockchain suffers losses of more than 90%.
This accounts for Q1 of 2022 alone.
BTC’s market crash accounts as a major reason.
The recent market crash has completely devastated the crypto market. Not only the Bitcoin (BTC), but almost all the cryptocurrencies are down for the past several days. Amidst all this, most of the attributes and firms based on these attributes are down.
Either directly related such as exchanges or those indirectly such as the mining firms and so on. Accordingly, one of the prominent BTC mining firms, the Argo Blockchain(ARB) has also suffered immensely due to the recent market crash, notably the epic downfall of BTC.
ARB’s 90% Down for Q1 2022
The Argo Blockchain is actually a software and blockchain tech firm, specializing in BTC mining specifically. The BTC mining accounts for the major portion of the ARB.
Besides, for the Q1 of 2022, taken into account, the total net income of ARB amounts to approximately less than $2.1 million. This equals to about 1.6 million British pounds.
In spite of all this, yet the ARB is actually suffering immense losses. This is on the basis of taking into comparison the Q1 of the year 2021.
Moreover, such major differences and losses in comparison to the previous year all fall upon the extreme failures of BTC in recent days.
Currently, the price of BTC amounts to $28,864, with the graphs plunging down by 3.72%, taking into account the past 24 hours into consideration. However, the price of BTC has been below $30K for almost 10 days in a row continuously.
Furthermore, for Q1 of 2022, the price of BGTC averages to $30K or even less than that. On the other hand, Q1 of 2021 the price of BTC averages to $60K, which indeed is double that of the current year Q1.
Apart from growing hashrate of BTC for ARB, the amount of BTC mined has also been increased. In Q1 of 2021, only 367 BTC were mined, whereas Q1 of 2022, approximately 470 BTC.
This surge in BTC mining accounts to the recently added up mining machines, which ARB has bought with a hefty loan from New York Digital Investment Group(NYDIG). Whatsoever, with BTC still dead below $30K, times are indeed tough for the entire crypto industry and related firms.