Argo Blockchain shares suspended by FCA; November mining revenue falls

(Alliance News) - Argo Blockchain PLC shares on Friday were temporarily suspended from trading by the UK Financial Conduct Authority as the company reported a decrease in November revenue.

No explanation was given for the suspension of Argo Blockchain's shares.

The London-based blockchain technology company mined 198 bitcoin or bitcoin equivalents in November, compared to 204 in October. This was primarily due to an increase in the bitcoin network difficulty. The company's total hashrate continues to be 2.5 exahash per second.

The hashrate refers to the total combined computational power that is being used to mine and process transactions.

Based on foreign exchange rates and cryptocurrency prices, mining revenue in November amounted to GBP2.94 million, down from GBP3.55 million in October.

Its November mining margin was 29%, down from 32% in October.

Argo continues to engage in financing discussions to provide the company with working capital sufficient for its present requirements.

It said that there can be "no assurance that any definitive agreements will be signed or that any transactions will be consummated."

If the company is unsuccessful in completing further financing deals, it would become cash flow negative in the "near term" and would need to "curtail or cease operations".

By Chris Dorrell, Alliance News reporter

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