Bitcoin mining company Argo Blockchain recently completed an interesting financing deal! They raised approximately $5.32 million by issuing 76.9 million new common shares to a mysterious institutional investor. This transaction utilized the cashbox mechanism, bringing the total number of shares issued by the company to over 717 million.

These funds will be used for the relocation or sale of equipment at the Helios mining site in Texas, while ensuring the normal operation of the Quebec mining site. However, it is worth noting that the company's pre-tax loss reached $38.8 million in the first three quarters of 2024, and the mining profit margin significantly dropped from 58% last year to 8%. This is quite a challenge for mining companies! 💼📉