Argo Blockchain: The Next Miner Squeeze Casualty

SummaryArgo Blockchain has been selling down its BTC treasury holdings all year. That selling started to become more aggressive in June.The company has also been selling machines to raise liquidity and has dealt with challenges from higher energy costs.Argo also has baby bond shares that are now priced at just 50 cents on the dollar, indicating the market is worried about Argo's ability to pay the dividend.Yesterday both the cryptocurrency community and the traditional equity investment world learned the leading Bitcoin (BTC-USD) miner by monthly production is facing insolvency. While each company has its own struggles, it's difficult not to look at what just happened with Core Scientific (CORZ) and wonder who is next. The majority of the macro headwinds that Core Scientific has been dealing with are challenges that every other Bitcoin miner is sharing. Specifically, with increases in the hashrate and difficulty for block rewards, the miners have been experiencing a nasty margin squeeze for most of 2022:Mining profitability (BitInfoCharts)Mining profitability hit an all-time low just a few days ago and in light of the CORZ news, it's reasonable to start wondering if there will be another casualty from the margin squeeze.Argo's UnderperformanceOne of the publicly listed Bitcoin miners that I've been telling BlockChain Reaction subscribers to avoid for several weeks is Argo Blockchain (ARBK) (ARBKL).1 Month Returns (Seeking Alph...