Argo Blockchain Mines 198 BTC in November — FCA Temporarily Suspends Shares

Struggling Bitcoin miner Argo Blockchain (LON: ARB) reported that it mined 198 Bitcoin or Bitcoin equivalent during November, but the company’s shares were suspended from trading on the London Stock Exchange Friday morning.

Argo has run into a number of difficulties this year. In October, it reported that its plans to raise £24 million ($27 million) via a subscription for ordinary shares failed, resulting in the company warning about its future.

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Now the Financial Conduct Authority has temporarily suspended the company’s ordinary shares. While there were no details provided on the reason for the suspension, the FCA’s website says it may take the decision to temporarily suspend shares for a number of reasons (Page 2).

In a release this morning the statement from the FCA just read: “The Financial Conduct Authority (“the FCA”) temporarily suspends the securities.”

November Update

Earlier this morning, Argo published its November update, stating it mined 198 Bitcoin or Bitcoin Equivalents compared to 204 BTC in October, with the decrease primarily due to an increase in the Bitcoin network difficulty in November. Argo’s total hashrate capacity continues to be 2.5 EH/s. 

Based on daily foreign exchange rates and cryptocurrency prices during the month, Argo’s November mining revenue fell to £2.94 million ($3.46 million) from October’s £3.55 million ($4 million). 

As of November 30, the company held 126 Bitcoin, of which 116 were BTC equivalents.

Argo added that it is continuing to engage in financing discussions to provide it with working capital sufficient for its present requirements.