Posted on June 11, 2018 by staff

Cryptomining company eyes £40m London float


A UK-Canadian venture on a mission to transform cryptocurrency mining into a “mainstream consumer activity” has outlined plans to float on the London Stock Exchange.

Argo Blockchain has today launched a new subscription service aimed at addressing what it described as “pent-up demand” from users who want to mine digital currencies but have been put off by its significant up-front cost and complexity.

The firm claims its mining-as-a-service (MaaS) solution allows users to start mining for digital currencies within minutes of accessing its website on a mobile phone or computer – and at a fraction of the cost.

“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,” said co-founder and executive chairman Jonathan Bixby.

Fellow co-founder Mike Edwards added: “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive.

“I knew that we had to change the game and democratise the process so that crypto-mining could become a mainstream consumer activity.”

The launch comes as the company announced it plans to raise approximately £20m by listing its shares on the London Stock Exchange.

The flotation is expected to value Argo at approximately £40m and will make it the first crypto-mining company to join the London stock market.

Proceeds from the share placing will be deployed to expand the company’s services and fund its growth.

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,” Bixby added.

Argo’s service went live on 11 June 2018 and initially covers four cryptocurrencies: Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. The service is available to adults with a credit card for an introductory subscription fee starting from $25 (£18) per month.

Argo is headquartered in London, UK, with its initial data centre located in Quebec, Canada.