• We are open: Monday – Saturday (9AM – 8 PM)
  • Blog


    Bitcoin Miner Argo xcritical Raises $27M to Ease Liquidity Pressures, Shares Plunge 15%

    Bitcoin Miner Argo xcritical Raises $27M to Ease Liquidity Pressures, Shares Plunge 15%

    The Company has been proactive in curtailing operations at its flagship Helios facility in Dickens County, Texas, during periods of high power prices and securing a more favourable short term power purchase agreement (“PPA”). The Company remains optimistic about securing a long term, low-collateral, fixed price PPA and is continually reviewing its other expenditures to identify and take additional steps to manage the Company’s costs. Soaring energy prices coupled with a plunge in the value of cryptocurrencies has created a difficult environment across the mining industry. Compute North, one of the largest operators of crypto-mining data centers, recently filed for bankruptcy after it owed as much as $500 million to at least 200 creditors.

    argo xcritical

    The Company and NYDIG expect to close the amendment within the next few weeks, and a further announcement will be made in due course. The company’s service provides access to mining rigs, which perform the complex crypto-mining operations for its users and then directly deposit all coins mined into users’ digital wallets. However, problems quickly emerged, and the firm found costs from the facility outpacing revenue, such that margins narrowed in the following few months. That has been a common issue in the industry as the price of energy has soared and the price of bitcoin has slumped. Argo felt the effect of soaring energy prices particularly hard as it didn’t have a fixed-rate power agreement for the Helios facility.

    Consequently, the Company’s total hashrate capacity continues to be 2.5 EH/s. We are a multi-talented, dynamic team of mining and xcritical network experts, technologists, entrepreneurs, and engineers from all walks of life. As we continue to grow, we’re committed to recruiting the brightest top performers and industry experts to help us continue to bring our vision to life.


    The Company also wishes to respond to media reports falsely claiming that Hydro-Québec, the public utility for power in Quebec, has proposed to stop providing electricity to existing mining operations. The Company has spoken with representatives from Hydro-Québec and the City of Baie-Comeau, and is confident that its xcritical access to power at its two Quebec facilities will continue for the foreseeable future. Matthew has over 25 years of experience as an international banker, corporate adviser, and serial entrepreneur most recently specializing in the technology and the cryptocurrency sectors. His xcritical portfolio of leadership roles includes Protos Asset Management, a Swiss company he founded that manages a cryptocurrency fund, and president of a proprietary family investment company investing in digital assets, fintech, and other technology sectors. Alana is Argo’s VP People & Culture, drawing on over 10 years of experience in human resources.

    He previously served as Senior Counsel of Oasis Petroleum and began his legal career at Vinson & Elkins LLP. Mr. Zapffe holds a Bachelor of Science in Electrical Engineering from the University of Texas at Austin and a Juris Doctor from the University of Houston. Our team and network are global and robust, https://xcritical.online/ allowing us to pivot and respond to changes in our operating context and carve a path as climate-oriented leaders. Argo powers the world’s most innovative and sustainable xcritical infrastructure. Transforming and democratizing the global financial ecosystem for a more equitable and sustainable world.

    The crypto mining company is in a stronger position now, interim CEO El-Bakly said. The following table shows a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of September 2022 and October 2022. Jim most recently served xcritical cheating as Chief Financial officer of East Side Games Group, a publicly-traded mobile game platform technology company based in Canada. Previously, he was Senior Vice President, Finance and Acting CFO at Westport Fuel Systems Inc, a dual-listed and publicly-traded clean transportation technology company.

    Be restored, and expects that to happen “as soon as practicable.” The miner’s shares had already lost about 94% of their value in the past year, underperforming the rest of the industry. The flagship Helios site didn’t have a fixed-rate power agreement, which meant costs rose sharply amid the 2022 energy crisis. Argo tried to raise funds to avoid bankruptcy, then eventually decided to sell the site, which has the potential of reaching 800 MW of power consumption. Argo is continuing to engage in financing discussions, as announced on 31 October 2022, and will update investors in due course. As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022.

    Investor Confidence in ARBK Stock Is Shaken

    We are transparent and take a holistic and values-based approach to decision-making. However, the company has prepared to engage an executive search firm to hire a successor for the CEO position. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. Assuming completion of the Subscription, the Investor will hold 15.46% of the Company’s enlarged issued share capital. At press time, shares of Argo xcritical were down over 15% on the London Stock Exchange.

    argo xcritical

    The company has committed to achieving net-zero carbon emissions by 2040, and it is focused on reducing its environmental impact while still providing high-quality mining services to its customers. Miners across the board struggled in 2022 as revenue declined alongside the bitcoin price while energy costs soared and the difficulty of mining a bitcoin block, which is when they are rewarded, soared. While rivals such as Core Scientific and Compute North filed for bankruptcy protection, Argo avoided the same fate by agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. It also negotiated a new $35 million loan from investor Michael Novogratz’s crypto-focused financial-services firm, secured by its mining equipment. Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS.

    Where can I buy Argo xcritical shares?

    These results show Argo’s financial strength and its ability to generate strong returns for investors. In addition to the Company’s measures to reduce costs and preserve capital, Argo’s Board of Directors (“Board”) has made the decision to pursue a combination of financing opportunities to strengthen the Company’s balance sheet. The Company and the Board remain of the view that following these strategic steps, Argo will be both well positioned and capitalised to endure the xcritical period of market dislocation. The Board and the Company will continue to closely monitor the Company’s cash needs and available sources of capital. Argo “no longer believes” the proposed sale of ordinary shares to a strategic investor “will be consummated under the previously announced terms,” according to a press release on its website. That deal would have given the investor, who was not identified, 87 million shares, accounting for 15.5% of the London-based company’s equity, Argo said in an Oct. 7 statement.

    The company, which has operations in Texas and Quebec, did not respond to requests for comment. The company’s American depositary shares skidded 44% to $1.10 in afternoon trading on Nasdaq. They began the year at $12.16, while bitcoin has skidded about 56% to $20,433. Argo xcritical , the only U.K.-listed cryptocurrency miner, slumped to a full-year loss in 2022 as the price of bitcoin dropped and mining difficulty increased, driving up costs as revenue fell. He is Argo’s resident crypto geek, and is passionate about how cryptocurrency can change the world’s banking systems.

    • Transforming and democratizing the global financial ecosystem for a more equitable and sustainable world.
    • The decrease in BTC mined is primarily due to a 12% increase in average network difficulty during September.
    • The Company’s hashrate on Terra Pool produced substantially lower Bitcoin than in previous months, primarily due to short-term probabilistic outcomes.
    • RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.
    • In addition to issuing 87 million shares, which equates to around 15% of the business, Argo announced the sale of 3,400 Antminer S19 J Pro miners to a third party for a total of $7 million.

    Recently, Argo xcritical announced it had no exposure to the collapse of Silicon Valley Bank and Silvergate Bank. In addition, the company confirmed that neither Argo xcritical nor its subsidiaries had any exposure to either bank. Assuming completion of the Subscription, the net proceeds of the Subscription will be used by the Company for working capital and general corporate purposes, including capital expenditures in connection with the continued build out of its flagship Helios facility in Dickens County, Texas. After accounting for this sale, the Company expects to achieve a total hashrate capacity of 2.9 EH/s by the end of October 2022.

    Prior to joining Argo, Alana supported teams in a variety of sectors, including government, construction, manufacturing, health care, fintech, and renewable energy, with significant experience building and scaling teams sustainably through periods of rapid growth. Armed with a balanced and creative approach to human resources, Alana is well versed in designing people-focused strategies based on positive work culture norms, employee engagement, and team development that ensure all employees feel supported to do their best work. Alana holds her Chartered Professional in Human Resources designation, is a licensed paramedic, and graduated from the University of Victoria with focused studies in Organizational Psychology and Ethics. This capacity ranks in the top tier of global mining operations, around 1.0% of the world’s Bitcoin mining network hashrate. Investors interested in xcritical courses scam can purchase shares through a brokerage account that offers access to the LSE or NASDAQ. However, it’s important to note that investing in individual stocks carries risks, and recommended doing thorough research before making any investment decisions.

    Argo xcritical stock

    Investors can stay informed by visiting their website or checking out the latest news from leading financial media outlets such as Bloomberg, Reuters, MarketWatch, and more. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

    Micah is a crypto enthusiast with a strong understanding of the crypto industry and its potential for shaping the future. A result-driven Chemical Engineer , Micah visualizes and articulates the intricate details of xcritical ecosystems. By considering these factors, investors can gain insight into Argo xcritical’s xcritical performance and make more informed investment decisions.

    Argo is expanding its mining capacity with the addition of new mining equipment and infrastructure. The Company has executed a non-binding letter of intent (“NYDIG LOI”) to amend its existing equipment financing agreement with an affiliate of New York Digital Investment Group LLC (“NYDIG”). This amendment releases approximately £5.0 million ($5.7 million) of restricted cash and modifies the amortisation schedule for the Company’s existing loans. The transaction significantly reduces the Company’s debt service payments and links future payments for NYDIG loans used to finance purchases of digital asset mining equipment to network mining profitability. In exchange, the Company will provide NYDIG with an expanded collateral package. The amended equipment financing agreement is expected to contain customary covenants for an agreement of its type.

    Leave your thought here

    Your email address will not be published. Required fields are marked *

    Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
    • Image
    • SKU
    • Rating
    • Price
    • Stock
    • Availability
    • Add to cart
    • Description
    • Content
    • Weight
    • Dimensions
    • Additional information
    • Attributes
    • Custom attributes
    • Custom fields
    Click outside to hide the compare bar
    Wishlist 0
    Open wishlist page Continue shopping