Why Bitcoin- And Ethereum-Related Stock Argo Blockchain Is Getting Hammered Today

Argo Blockchain PLC - ADR ARBK shares were trading lower by 18.4% to $0.56 during Friday's pre-market session after the company announced a November operational update.

What Happened?

During the month of November, Argo says the company mined 198 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 204 BTC in October 2022. The decrease in BTC mined was primarily due to an increase in the Bitcoin network difficulty in November compared to October. The company's total hashrate capacity continues to be 2.5 EH/s.

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As of November 30, the company held 126 Bitcoin, of which 116 were BTC Equivalents.

According to data from Benzinga Pro, ARBK has a 52-week high of $14.80 and a 52-week low of $0.65.