Argo Blockchain, a business that seeks to offer cryptocurrency-mining to the masses, announced its plans to list its shares on the London Stock Exchange or LSE on June 11, 2018. This announcement coincided with the launch of Argo’s Mining as a Service, or MaaS, program, which will allow users to participate in mining through the Argo site with their home computers or smartphones. According to the announcements, Argo expects its valuation to be £40 million, or about $54 million, and to raise £20 million, or about $27 million. Argo plans to use the money raises to fund the growth if its MaaS services. Co-founder Jonathan Bixby said:
We have launched this service to take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.
Argo aims to be the first crypto-mining company on the LSE. In 2015, blockchain-focused investment business Coinsilium was the first cryptocurrency-related company to hold an IPO on LSE’s submarket for smaller companies, AIM.
Argo was established in 2017. According to the company announcements, its technology invites the public at large to become crypto-miners, “without the need to have significant computing expertise or acquire complex and expensive hardware and have the frustration of setting up their own systems.”
Argo compares its mainstream mining services to the cloud computing revolution of the last decade, and Bixby told The Financial Times it wants to be “the Amazon web services of crypto.” Subscribers to Argo’s cloud-based platform sign up for a specific amount of mining capacity and can choose what to mine, which mining pool to join and where to store their coins off the site. Introductory fees to join its pools are £18 or about $25 per month. Currently, it mines the digital currencies Bitcoin Gold, Ethereum, Ethereum Classic and Zcash, but this may change in the future.
Argo is headquartered in London and has a mining facility in Quebec. It currently has 7 racks, each holding 10 servers with 8 GPUs each in Canada, and it has also started “initial operations” in China. Argo’s primary targets customers are in Europe, North America and Australia. The company plans to rely on renewable energy like solar and hydropower.
Bixby describes the company’s plan to go public in this way:
A London stock market listing will provide Argo with the profile, credibility and access to global capital to drive our growth and help us establish a leadership position in the long term.
The featured image is the Argo logo, credit: Argo.