Argo Blockchain PLC has an image of a dual-listed blockchain technology company that focuses on large-scale cryptocurrency mining. Argo is established in the nations such as the United Kingdom, the United States, and Canada.
It carries out its operations in a sustainable mode and is powered by renewable energy. Argo owns the high-profile Texas mining facility.
The cryptocurrency mining company is currently discussed in headlines as the news of it selling its mining facility to Galaxy Digital was made public. The move is to sell the mining facility in Helios and is considered as a combat measure to get through the current bear market.
Peter Wall, the CEO of Argo announced that they have agreed to a settlement of 65 million US Dollars. Galaxy Digital is an asset and blockchain investment management firm. It also provides services in trading and principal investments.
What Is Argo Blockchain?
Argo Blockchain was founded on December 5, 2017. It is based in London in England. The key people of the blockchain company are Mike Edwards, Peter Wall, Perry Hothi, and Sebastien Chalus.
Mike Edwards is the founder and Executive Chairman. Peter Wall is the Chief Executive Officer (CEO), Perry Hothi is the Chief Technology Officer (CTO), and Sebastien Chalus is the Vice President of Operations.
Alex Appleton is Chief Financial Officer (CFO), and Justin Nolan is the Vice President of Business Development. Jean Esquire is the Vice President of Technology and Development, and Davis Zapffe is the General Counsel. The company has around 2 to 10 employees.
The founder, Mike Edwards is an executive with experience in building tech startups, some of which are sold to large companies like Google and Twitter.
Argo Blockchain: Listed On London Stock Exchange
Argo Blockchain is listed publicly on the London Stock Exchange. Its initial public offering in August 2019 raised 32.5 million US Dollars after facing a pre-tax loss of 5 million US Dollars in the previous year, 2018.
The company had already raised £25 million when they were listed on the London Stock Exchange. This amount was prior to the expenses through a placing of 156,250,000 ordinary shares for 16p each. The company had a value of market capitalization of £47 million on flotation.
The company announced its aim, in August 2019, that the company was on its journey to becoming the world’s largest publicly-listed crypto miner by 2020.
Argo announced earlier in January 2020 that it was installing 3,616 more of Bitmain’s Antminer machines in addition to the machines the company has already in possession of, which played a significant role in increasing its cryptocurrency mining capacity by 75 percent.
Peter Wall, the CEO of the company said the company has a plan to install an additional 6,384 machines by the end of Q1 of 2020, which would increase its initial mining capacity by 204 percent.
In February 2021, Argo revealed that it had signed an agreement with ePIC Blockchain, a Toronto-based Blockchain company to buy 8 million US Dollars of application-specific integrated circuit (ASIC) bitcoin mining equipment to be delivered in the fourth quarter of the year.
This contract reportedly gives Argo the first rights to ePIC’s production throughout the rest of the years 2021 and 2022.
Previously that month, the company had signed a Letter of Intention to purchase 320 acres of land in the west of Texas where it could build a 200 MW data center for bitcoin mining.
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Argo Blockchain: Services And Facilities
Argo Blockchain PLC is a cryptocurrency mining company that provides easier measures for clients to mine Ethereum, Bitcoin Gold, and other alternative coins. The mining is made easier by functioning in a mining-as-a-software (MaaS) mode through a cloud-based solution.
Argo through its energy-efficient mining facilities in North America serves as the provider of the active mining power of 45 MW.
In addition to this, the cryptocurrency mining giant also provides 1.605 EH/s through the SHA-256 Hashrate as a capacity and another 280MS Equihash Rate. Equihash is an algorithm that is exclusively used for the mining of Zcash, a popular alt-coin.
Hydroelectric power is the major energy source of Argo. The company concentrates on the mining of coins such as Bitcoin (BTC), and Zcash (ZEC).
Argo Blockchain primarily makes use of three different mining facilities such as Baie Comeau, Gatineau, and Mirabel.
- Baie Comeau: It is a 40,000 sq ft facility and is located in northern Quebec. The facility is managed by GPUone, the hosting partner, and has a capacity of 15 MW.
- Gatineau: Gatineau was the facility that oversaw the formation of the first GPU mining system of Argo back in 2018. It now serves as a technical development support facility.
- Mirabel: Mirabel is Argo’s first large-scale facility. It is a 20,000 sq ft facility that has a capacity of 5MW.
The recently signed deal with Galaxy Digital would make Argo not to have to file for bankruptcy. Peter Wall mentioned the deal as the only visible path forward.
The deal would reportedly enable the company to strengthen the balance sheet, as its liabilities are reduced by 41 million US Dollars. It is also expected to improve the company’s liquidity position.
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