Argo Blockchain may close next Monday

Mining company Argo Blockchain may file for bankruptcy on Monday, December 12. This was announced by Argo Blockchain’s Chief Content Officer Will Foxley.

Foxley shared a screenshot of the company’s official bankruptcy filing on Twitter, writing: «Argo is preparing for bankruptcy on Monday, judging by this screenshot. Looks like it was sent to me by mistake.»

Argo is preparing for a bankruptcy on Monday, per a screenshot of a document sent my way (probably accidentally posted). https://t.co/aXmFuMNSXF pic.twitter.com/kQtLwZOKct

— Will Foxley (@wsfoxley) December 9, 2022

Most likely, the screenshot is real — the mining company is really in a difficult financial situation. The UK’s Financial Conduct Authority (FCA) has suspended trading in Argo Blockchain shares as the company reported a significant decline in revenue. The ongoing crisis in the cryptocurrency market has made the company’s business unprofitable.

At the moment, many mining companies are experiencing liquidity problems, as loans for the purchase of equipment were taken out during the peak of the cryptocurrency market. Since then, the overall market has fallen by at least 75%. Experts predict that many miners will end their operations due to the crisis in the industry.