The corporation said that it has sought a 24-hour trading halt with the United States.
The bitcoin mining company did not file for bankruptcy and is instead reorganizing.
Agro Blockchain, a London-based bitcoin mining company, has stated that it would reopen on Wednesday, December 28. Given that the London Stock Exchange is closed on Tuesday, December 27th, the corporation said that it has sought a 24-hour trading halt with the United States.
The bitcoin mining company did not file for bankruptcy and is instead reorganizing as stated on December 12th, according to a filing with the London Stock Exchange. The corporation has reportedly entered into advanced discussions to sell its assets and decrease liquidity. Nonetheless, the company stressed that it cannot provide any such assurance.
Struggle Continues Amid Falling Prices
Argo Blockchain plc is a blockchain technology company that has dual listings on the ARBK and NASDAQ exchanges and focuses on cryptocurrency mining on a massive scale. Argo’s primary mining facility in Texas and company offices in the United States, Canada, and the United Kingdom are all run by renewable energy.
In 2021, Argo became the first cryptocurrency mining company to go climate positive by signing the Crypto Climate Accord. Through its research and development arm, Argo Labs, Argo is actively involved in many Web 3.0, DeFi, and GameFi initiatives, which have proven to be very beneficial to the company’s business endeavors and the expansion of the cryptocurrency markets.
Bitcoin’s value is tumbling and doesn’t look to be returning anytime soon. Both the hash rate and the difficulty of Bitcoin mining are expected to increase during the course of the next year. If the price of Bitcoin remains flat or drops more in the next year and the hash rate increases even marginally, mining revenues will continue to fall.