Miner Argo to Stop Mining Contracts in Bear Market

Argo, a UK cryptocurrecny mining company, is listed in on the London Stock Exchange (LSE) trading under ticker ARB. It comes to no surprise that in this everlasting bear market, mining companies, including chip maker Nvidia, are feeling the P/L hit. As a result Argo has recently announced that they are now terminating new mining contracts:

As a result of the challenging conditions, the Company has ceased accepting new mining subscriptions and will terminate all existing mining-as-a-service (MaaS) contracts by 1st April 2019.

Argo Announcement

As the price of Bitcoin (BTC) remains trading in the $3-4k levels this year, mining has become a costly business. Being that, the energy cost of mining, is greater then the trading price of the underlying cryptocurrency.

Below is the steady decline price of Argo over the past 6 months:

ARB Decline Since Listing on the LSE

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