Argo Blockchain has some plans of raising £20 million through an IPO on the London Stock Exchange; The company is about to launch a subscription service to let people mine cryptocurrencies through their phones or computers; One new company which lets people mine cryptocurrencies through a subscription service has announced some plans to list the London Stock Exchange, a first for the exchange.
Argo Blockchain hopes to raise £20 million in the listing
On Monday, Argo Blockchain explained in one statement that it hopes to raise £20 million with an expectation to be valued at around £40 million. Argo also said that it is going to be the first crypto-mining company to join the stock market of London.
The company was organized last year to provide what it calls ‘mining-as-a-service.” The subscription-based service also permits consumers to mine cryptocurrencies through their smartphones, as well as computers through the website of Argo.
Mining is actually the process of creating new cryptocurrencies. Computers complete complex cryptographic tasks, which help in processing crypto transactions, and are rewarded for their work with newly minted digital coins.
However, as the network matures, it gets even harder to earn new cryptocurrencies and, as a result of that, the amount of computer processing power which is needed is increasing rapidly.
Mike Edwards, co-founder of Argo
The co-founder of Argo, named Mike Edwards, said in one statement that setting up a computer rig to mine cryptocurrency is challenging, as well as inefficient and expensive. He says that he knew that they had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.
Mining “pools,” which permit people to band together to share computer power for crypto mining, are already popular in China, with services like Antpool and BTC.com.
Argo will charge customers $25 or £18 a month
Argo is going to charge customers $25 or £18 a month, to join its mining pools, which are going to let users mine Bitcoin gold, as well as Ethereum, Ethereum classic, and Zcash. The mining facility of Argo is located in Quebec, which is a crypto mining hub but is headquartered in London.
The executive chairman of Argo, named Jonathan Bixby, said that a London stock market listing is going to provide Argo with the profile, as well as credibility and access to global capital, in order to drive their growth and help them establish a leadership position in the long term.
Bixby was also an entrepreneur-in-residence at Vancouver-based startup accelerator GrowLab before Argo. He had set up, as well as sold two tech companies in the past. Edwards is a serial tech investor and has also backed businesses which have been sold to Google, as well as Twitter, and Yahoo.