Crypto Mining Company Argo Looking to Make London Stock Exchange’s Blockchain Listing
The energy consumption of crypto mining is turning from a headache into a full-blown migraine. But with every problem, there’s a solution, and it can come at a price.
Argo Blockchain offers a service that lets miners subscribe to the company so they can access a pool of computers to harvest cryptocurrency. This sort of business bypasses the need for people to buy the hardware necessary to mine digital coins like Bitcoin or Ethereum, saving them thousands of dollars in equipment needed.
Now, Argo aims to be the first company to enter the blockchain listing of the London Stock Exchange, according to Cointelegraph. The company is also planning to launch an IPO hoping the listing will help them accumulate 20 million pounds ($26.7 million). If successful, Argo will double its value and increase it to 40 million pounds ($53.4 million).
While Argo is headquartered in London, the company’s mining hub is located in Quebec, where its equipment is running on green energy provided by the Canadian province. Right now, the company has four crypto coins supported by its service, namely Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash.
Jonathan Bixby, Argo’s co-founder, said that they recognize the need to “democratize” the mining ecosystem to allow smaller players to enter the market.
“More than 90 percent of crypto-mining is done by elites on an industrial scale because it is technically very difficult to do,” Bixby said. “It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine. We want to be the Amazon Web Services of crypto.”
The company charges £18 ($25) a month for its service where people can join the mining pool and control their mining activities from their computers or smartphones. If Argo manages to enter the LSE list, it will undoubtedly increase its credibility to consumers and solidify its reputation as one of the leading businesses operating in this niche in the crypto market.