Crypto Cloud Miner Given Permission to List on the London Stock Exchange – Trustnodes

Crypto Cloud Miner Given Permission to List on the London Stock Exchange

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Argo, a little known crypto cloud miner which has not even fully launched, has received permission from the UK Listing Authority to IPO on the London Stock Exchange.

They plan to raise £20 million at a valuation of £40 million after receiving $2.5 million from private investors earlier this year.

“More than 90 per cent of crypto-mining is done by elites on industrial scale because it is technically very difficult to do,” Jonathan Bixby, co-founder of Argo, says before adding:

“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.”

They will offer a monthly subscription for mining power, charging $25 per month while limiting it to only one contract per individual for mining bitcoin gold, ethereum, ethereum classic and zcash.

Similar to Genesis Mining, instead of buying the Asics or GPUs, storing them, managing electricity demands, cooling, as well as the technical aspects of mining, Argos provides all of it for a fixed monthly fee with the investor then receiving x coins dependent on how much hashrate is allocated.

They already have a mining datacenter in Vancouver, Canada, and are planing to open more in Iceland as well as China to benefit from cheap electricity and a colder climate for hardware cooling.

“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,” Mike Edwards, co-founder of Argo, said.

They received permission to list on the London Stock Exchange two weeks ago, making them potentially the first crypto business to IPO.

They say London was chosen because of its role as a global hub for financial technology (Fintech), with UK’s regulators being a lot more accommodative towards crypto and blockchain related businesses.

While in US, a similar likewise cloud crypto mining service was deemed a security by the Securities Division of North Carolina, making the regulatory atmosphere there more and more stringent.

Furthermore, despite considerable demand for a crypto ETF, the Securities and Exchanges (SEC) commission has declined to give permission, while Stockholm’s NASDAQ already list a bitcoin and an ethereum ETN with London potentially following.

Copyrights Trustnodes.com

 

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