Cryptocurrency mining firm Argo Blockchain listed on LSE

Argo Blockchain is a cryptocurrency cloud mining company. Since last year, the Australian Securities and Investments Commission (ASIC) and other large companies have entered the mining industry, which has brought great difficulties to other small and medium-sized companies and individuals. Therefore, Argo Blockchain took the opportunity to be formally established. The company has a mining data center in Vancouver, Canada, but recently, the head of Argo is considering expanding the site to China and Iceland, because China's cheap electricity can make the company more profitable.

Cryptocurrency mining company Argo Blockchain PLC has become the first cryptocurrency company to be listed on the London Stock Exchange (LSE), raising approximately $32 million at a total valuation of approximately $61 million.

London-based Argo offers customers a monthly subscription product for four cryptocurrencies — Bitcoin Gold (BTG), Ethereum (ETH), ETC and Zcash — through their own computers and mobile devices. The service provides access to the company’s mining equipment and allows all mined coins to be deposited directly into the user’s digital wallet.

According to LSE documents, a total of 156,250,000 ordinary shares, representing 53.2% of the company's issued share capital at the time of admission, were offered at 16 pence per share, with a market value of 47 million pounds (about 61 million US dollars).

According to the Telegraph, the report states that the company has raised £25 million (about $32 million) and registered shareholders include Miton Capital, Henderson Global Investors and Jupiter Asset Management.

Argo co-founder Jonathan Bixby told The Telegraph that the Argo mining subscription system was developed to “make it less painful for people to participate in the biggest new technology since the launch of the internet: blockchain.”

The LSE filing states that Argo was founded in late 2017 to build an international data center management business to assist crypto mining as a service (MaaS) for use by customers around the world.

The platform was initially launched on June 11, 2018, and all subscription packages are currently sold out, according to Argo's website.

Earlier this week, Canaan Creative, the world’s second-largest Bitcoin mining hardware supplier, launched the “first-ever” BTC mining TV set with a processing power of 2.8 teraflops.

Cryptocurrency mining hardware giant Bitmain plans to conduct its first overseas private placement (IPO) after achieving a net profit of approximately $1 billion in the first quarter of 2018, anonymous sources revealed on Monday.