Crypto Miner Argo Blockchain Temporarily Suspended from Trading On NASDAQ

Nasdaq suspends trading of Argo Blockchain’s American Depositary Shares (ADS) per a December 27 press release. Argo requested Nasdaq for the suspension because it is making an announcement on 28th and because the London Stock Exchange will be closed on 27th.

One after another, crypto miners, specifically bitcoin miners, are going through their worst time because of rising electricity prices and decline in prices of cryptocurrency.

In a Twitter post dated December 27th, 2022, Argo Blockchain noted, “At our request, Nasdaq temporarily suspended trading of Argo’s ADSs and unsecured notes for today – Tues December 27.” 

“We’ll be making an announcement tomorrow (December 28) via RNS before the LSEplc opens in the UK…we expect trading on Nasdaq to resume tomorrow.”  

The announcement, expected to be out before the stock market’s opening, will be related to the company’s financial performance, expectations and business strategy, among other things.      

Argo Blockchain is a dual-listed blockchain technology company focused on large-scale cryptocurrency mining with its flagship mining facility in Texas. The company has offices in the U.S., Canada and U.K. 

According to data from TradingView, stock prices of Argo Blockchain have lost their value by 95.96% in the last year, and before its trading suspension, the stock was trading at $0.54. 

Argo Blockchain Stock is trading under pressure as bears constantly dump it near the resistance trendline. Notably, asset prices jumped nearly 32% in a single day; therefore RSI indicator rose from the extreme oversold zone.

In one year, the event that boosted Argo stock price was when it inaugurated its Bitcoin mine in Texas. 

2022: the year that troubled crypto miners the most

This year has troubled crypto miners the most because of the decreasing prices of cryptocurrency and increasing energy prices.

Rising inflation has also troubled miners because the price of crypto-mining equipment is rising rapidly.

Earlier this year, Compute North filed for bankruptcy citing these problems.

Core Scientific is known to mine Bitcoin-like Proof-of-Work (PoW) cryptocurrencies. The mining of PoW-based crypto is very expensive given the equipment used in the process requires massive amounts of energy and is expensive hardware.

Since the beginning of this year, energy prices have been hiked several times owing to the Russia-Ukraine war and a bleak global macroeconomic outlook. The continuous decline in prices since November 2021 has troubled crypto miners the most.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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