It is hard to know where to start with today’s August trading update from running on vapours bitcoin miner Argo Blockchain (ARB). Suffice to stay it is all fodder for the bears.
A week ago interims from drowning in red flags bitcoin miner Argo Blockchain (ARB) made it abundantly clear that it faced a near term cash crisis. Today another sign that it is readying itself for a bailout placing has emerged. But I foresee a problem.
This will, in years to come be seen as a case study in the invisible hand and creative destruction, that is to say capitalism at work. In times gone by when all the sort of poltroons who believe in Modern Monetary Theory also predicted that the bitcoin price would keep on soaring ad infinitum, there was a rush to build new mining plants in places where there was stacks of spare land and good hook-ups to readily available power, i.e. Texas.
Half calendar year numbers are predictably shite but thanks to the monthly trading updates, opaque as they are, we already had a fair old idea how much in the merde the company is, however much disgraced Peter Wall, and his PR gimps at Tancredi, who refuse to answer simple questions, might try to polish the turd.
There are many reasons to be bearish of Argo Blockchain (ARB), not least a CEO, Peter Wall, who dumps millions of pounds of shares AFTER sounding folks out about a placing, which took place less than two weeks after that dump. But that is not the only corporate governance issue.
June's operational update is truly shocking, and another red flag for the Argo Blockchain (ARB) collection. Natch, with Peter Wall in charge, the statement is disingenuous.
