Bitcoin Mining Firm Halts Trading Amid Bankruptcy Fear
Agro Blockchain, a bitcoin mining firm, based out of London has announced that it will resume its operation on 28 December, Wednesday.
The company stated that it had requested the suspension of trading with the U.S. for 24 hours as the London Stock Exchange is closed on 27 December, Tuesday.
Earlier this month, on 12 December, this bitcoin mining firm announced in a filing to the London Stock Exchange, that it is not filing for bankruptcy as of now, and restructuring itself. It stated that the company is in the stage of advanced negotiations to sell its assets and reduce liquidity. However, the firm mentioned that it cannot give any guarantee of the same.
What is Agro?
With an emphasis on industrial-scale cryptocurrency mining, Argo Blockchain plc is a blockchain technology business with dual listings ARBK and NASDAQ. Argo’s global, sustainable operations, which include its main mining plant in Texas and headquarters in the US, Canada, and the UK, are primarily powered by renewable energy. Argo joined the Crypto Climate Accord in 2021 and became the first cryptocurrency mining firm to be climate-positive. Through its Argo Labs subsidiary, Argo also takes part in a number of Web 3.0, DeFi, and GameFi projects, significantly advancing both its commercial operations and the growth of the cryptocurrency markets.
Also read: Bitcoin Volatility Hits An All Time Low; BTC To Rise Soon?
The situation of bitcoin miners
The price of bitcoin is falling and doesn’t appear to be significantly recovering any time soon. In addition, throughout the coming year, the hash rate and difficulty of bitcoin mining will both continue to rise. Bitcoin mining profits will continue to decline if the coin’s price stays the same or declines further and the hash rate rises even slightly in the upcoming year.
However, miners with cash on hand and low-cost operations have the opportunity to profit from the slump.
The bear market will present value-seeking investors with an excellent opportunity to buy cheap shares of well-run miners. The coming year will be a turning point for the North American bitcoin mining industry, distinguishing the long-term players from the mediocre operators who entered when the going was good but were unprepared for the harsh realities of a down market.
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