Argo Blockchain, a cryptocurrency mining firm, has successfully launched on the London Stock Exchange. This marks a significant step for the tech venture and its ambitious expansion plans.
Established in December 2017, Argo Blockchain aims to revolutionise cryptocurrency mining with its ‘Mining as a Service’ (MaaS) model. This innovative approach seeks to simplify and democratise access to digital currency mining.
Revolutionising Cryptocurrency Mining
Argo Blockchain’s vision is to make digital currency mining accessible to everyone, everywhere. Their solution, described as ‘Mining as a Service’ (MaaS), aims to eliminate the traditional complexities and high costs associated with mining.
By providing a subscription-based service, Argo addresses what it sees as a pent-up demand from individuals eager to mine but deterred by the upfront cost and technical challenges. This service allows users to begin mining swiftly using a mobile phone or computer, reducing initial expenses significantly.
The Strategic London Listing
The company’s recent float on the London Stock Exchange resulted in a valuation of £47 million. This move not only signifies a milestone for Argo but also enhances its visibility in the competitive tech market.
With 156,250,000 shares priced at 16 pence each, Argo raised £25 million from investors. This capital injection will support the company’s ambitious plans for expansion and sustained growth in multiple jurisdictions.
A Broader Market for Crypto-Mining
Argo’s service, launched in June 2018, initially supports cryptocurrencies such as Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash.
Co-founders Jonathan Bixby and Mike Edwards have expressed their commitment to transforming crypto-mining into a mainstream activity. They aim to challenge the notion that only tech-savvy or wealthy individuals can profit from digital currency mining.
By simplifying the mining process, Argo hopes to attract a diverse customer base, capitalising on the growing interest in cryptocurrencies worldwide.
Operational Headquarters and Infrastructure
Argo Blockchain operates from its headquarters in London, with an initial data centre in Quebec, Canada. This strategic positioning allows it to leverage technological and infrastructural advantages to scale operations initially and beyond.
The choice of Quebec stems from its abundant and cost-effective energy resources, which are crucial for sustaining the energy-intensive mining operations.
The Role of Key Partnerships
In orchestrating its public float, Argo collaborated with Mirabaud Securities Ltd as the sole bookrunner and stock broker. These partnerships are pivotal in navigating the financial complexities of market entry.
Such alliances not only provided Argo with financial guidance but also reinforced its reputation among stakeholders. Partnerships with financial entities are integral to Argo’s strategy of establishing trust in the investment community.
Cryptocurrency Mining in Focus
Cryptomining involves the use of computational power to verify transactions on a blockchain network, earning rewards in virtual currencies. This process is essential for the maintenance and security of cryptocurrency transactions.
Argo’s approach simplifies this complex activity, allowing users to participate in cryptocurrency networks without the need for specialised hardware.
Argo seeks to remove barriers to entry, paving the way for broader participation in digital economies.
Future Prospects and Growth Strategy
As part of its long-term growth strategy, Argo Blockchain is committed to enhancing its service offering and expanding into new markets globally.
The company remains focused on leveraging its technological innovations to maintain a competitive edge and deliver value to its users and investors.
Argo Blockchain’s entrance onto the London Stock Exchange signifies a transformative phase for the company and the cryptocurrency mining sector.
With a robust strategy and innovative service model, Argo is well-positioned to lead in the global cryptocurrency mining landscape.