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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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.
Top Broker Recommendation
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- Admiral Markets More than 4500 stocks & over 200 ETFs available to invest in – Read our Review
- Hargreaves Lansdown The company's website is easily understandable and accessible to a wide range of customers – Read our Review
- eToro Wide range of instruments available to trade – Read our Review
- IG Top-tier regulation – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.