Bitcoin miner Argo attempts to pull off a heist on the NASDAQ

Argo wants to go beyond London – With theexodus of Chinese miners and the difficulty of mining decreasing, Bitcoin miners have an unprecedented opportunity to establish themselves as key players in their industry. While North American miners are the ones receiving the most attention, European miners are also trying to grab a piece of the Bitcoin network hashrate (BTC).

Argo Blockchain, the first crypto company listed in London

Argo Blockchain was the first crypto company to list on the London Stock Exchange (LSE). After a pre-IPO fundraising in January 2018, the digital asset mining company went public in the summer of 2018. Of course, this was not the best time for a listing, when the bear market was still in full swing.

At the time of its IPO, Argo’s mission was to democratize access to mining.

“Over 90% of mining is done by elites on an industrial scale, because it’s technically very difficult to implement […] It’s incredibly expensive to buy, up front, the hardware you need at $5,000 per machine. We want to be the Amazon Web Services of crypto.”

Jonathan Bixby, co-founder of Argo Blockchain

Argo is therefore based on a hybrid business model, between mining and service provision. Indeed, the London-based company mines for its own account, but also offers subscriptions to its mining pools. Argo’s customers can access its Ethereum, Ethereum Classic or Zcash mining pools for as little as $25 a month.

The company operates several sites in Quebec, all powered by renewable energy providers. The reason Argo is based in London, but has operations in Canada, is precisely to take advantage of the country’s hydroelectric and solar capabilities. The company is now aiming for a listing on the US technology index: the NASDAQ.

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New goal: dual London-New York listing

According to a press release from Argo Blockchain, the company has begun the registration process for its listing with the Securities and Exchange Commission

(SEC).

Argo Blockchain revealed that the company had mined a total of 167 BTC as of May 2021 with a profit margin of 78%. So far this year, the company has mined 883 BTC and is expected to hold about 1,270 BTC as of the end of July.

<img width=”1519″ height=”887″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%201519%20887’%3E%3C/svg%3E” alt=’Argo Blockchain’s (ARB) daily time unit price showing strong correlation with the digital asset market.” /><img width=”1519″ height=”887″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/07/Argo-Blockchain-1D-22.07.2021.png” alt=’Argo Blockchain (ARB) price in daily time unit showing strong correlation with digital asset market.” />ArgoBlockchain (ARB) Price(1D)

When it listed in 2018, Argo had sold 156 million shares for a unit price of 17 pence – the British pennies

– ($0.22) and is now trading for £1.20 after hitting an ATH of £3.39 ($4.67). Peter Wall, Argo’s CEO, plans to take advantage of the Chinese miners’ rout to grow his company :

“June was a month of profound changes in the cryptocurrency industry […] Argo capitalized on these changes, continuing to generate solid revenue at an impressive margin.»

Meanwhile, Argo has started work on its new site in Texas. The plan is to have a 200-megawatt facility in Dickens County operational by 2022. Once completed, the company will have a total capacity of 800 megawatts. The southern U.S. state has significant resources in both renewables and fossil fuels, so Argo isn’ t the only miner with an eye on the region

.

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