The previous $27 million fundraising plan for Bitcoin miner Argo Blockchain has been deemed unsuccessful, and the business has sold 3,843 S19J Pros for a total of $5.6 million. If Argo is unable to get any further funding, the company would face negative cash flow and will be forced to either reduce its workforce or halt operations entirely, says Argo in its latest press release adding that the company is looking into the possibility of obtaining funding via additional sources.
Additionally, the company has made efforts to further enhance liquidity while still preserving cash reserves. The company realized cash earnings of $5.6 million from the sale of 3,843 brand-new Bitmain S19J Pro mining equipment. These machines had a total hashrate capacity of about 384 PH/s.
These computers are the last batch of the first order placed by Bitmain, and they are planned to be installed in October, says Argo. As a direct consequence of this, the overall hashrate capability of the Company is unchanged at 2.5 EH/s.
Argo claims that even while it is looking into additional sources of funding, it cannot guarantee that any formal agreements will be made or that any transactions will be carried out. This is because there is no way to know for sure whether or not any of those things will happen.
In the event that the company is unable to get any further funding, it will soon experience a negative cash flow and be forced to either scale down its activities or discontinue doing business entirely.
According to Argo, it is actively pursuing the completion of such financing arrangements in order to equip itself with adequate working capital to meet its current and future needs for at least the next twelve months.
