Cryptocurrency mining platform Argo Blockchain tweeted that a £24 million deal to sell shares to an important partner fell through.

The firm sold over 3,800 Antminer S19J Pro ASICs from mining hardware leader Bitmain and raised £4.8m.

The company's hashrate in the bitcoin network remained within 2.5 EH/s. Earlier, the developers noted that they want to reach 2.9 EH / s before the end of October 2022.

Experts noted that if Argo fails to improve funding in the near future, income will reach negative values. This will lead to a reduction or complete cessation of operations.

It is worth noting that the value of the company's shares on the LSE fell by 46%. The shares are trading at £8.4, up from £282 in February last year.

Earlier, the news was published that the Egyptian crypto startup Money Fellows raised $31 million.