Argo Blockchain has raised $27 million after it agreed to sell 87 million shares to a single investor.
Factors such as energy restrictions in Europe and low gas storage levels in the US make crypto mining difficult. For these reasons, Compute North recently filed for bankruptcy. Argo Blockchain, which has a cash shortage, is also taking a new step to strengthen the company’s balance sheet.
Argo Blockchain Raised $27 Million Investment
Peter Wall, CEO of London-based Bitcoin (BTC) mining company Argo Blockchain, explained the steps the company has taken to improve its liquidity position in light of the ongoing crypto bear market.
Argo Blockchain has signed an agreement with an undisclosed party to host and operate mining machines at its Helios facility in Texas. Under the deal, the company will provide up to 32 megawatts of power capacity, enough to power more than 10,000 mining machines.
In addition to all this, the company also announced plans to sell 3,400 mining machines for $7 million and raise £24 million through a strategic investor to protect capital.
Peter Wall had this to say about his plans to increase the balance sheet:
“Assuming all trades are closed, we are confident we have the liquidity and balance sheet to get us through the next 12 months.”
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