Argo Blockchain drops 84%: biggest fall among public miners

According to hashrate indices and Google Finance, Argo Blockchain shares have lost around 84% of their value in 2024, making it the worst-performing asset among 25 publicly traded mining firms. Early this year, Argo’s market cap stood near $420m, whereas it currently hovers at only $67m. Analysts attribute this dramatic slump to multiple financial hurdles.

Notably, in Q1 Argo announced a restructuring of $170m in debt obligations, but it failed to fully restore the company’s working capital. Meanwhile, Bitcoin’s network hashrate rose over 50% in the last 12 months, boosting competition and raising operating costs for miners. It is important to highlight, Argo’s massive drawdown stands out even in a sector where many peers lost 30–40% of their valuations.

Rising energy prices add further strain. Over the past seven months, Argo’s power expenses have climbed by roughly 25%. Experts warn that if the firm does not secure additional funding or rethink its strategy, the odds of a quick turnaround look slim. Investors who banked on Bitcoin’s upside must now weigh the structural risks posed by Argo’s business shifts and the broader volatility of the mining market.