Argo Blockchain Not Feeling the Crypto Winter

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Crypto mining company Argo today reported that in the midst of the current bear crypto market, it is registering significant growth and more demand. Up until mid-November, Bitcoin prices had been holding out at the $6,500 but dropped to $3,500 at one point before going up to the $4,000 mark.

The London-based mining firm made its debut early this year in the London Stock Exchange and has stated that the number of crypto mining packages has increased from 4,200 to 10,325 as of the time of press, beating its January 2019 target package sales. It is the first ever cryptocurrency technology-based company to seek listing on the stock exchange. By getting listed, the company founders were hoping that Argo will be able to get the recognition and credibility it deserves and be able to attract global investors.

Argo’s founders, allow their users to mine the altcoins from the comfort of their home. The amount of electricity required to mine cryptocurrencies is huge and incurs crazy costs that may a bit too much for potential miners. Argo president and founder, Mike Edwards, has invested in cheap and green hydropower to run the mining systems, with a capacity to mine at scale.

Argo offers mining services to its users to tap into the mining network for a monthly subscription fee. The idea behind this kind of service is Netflix (yeah, that was the inspiration behind the mining company). According to Edward, the idea behind the service is because crypto mining is majorly controlled by elites, therefore making it impossible for regular people to access. By offering scaled subscription services, the service is democratized and easily accessible.

After subscribing to the company’s mining service, a user is allocated ‘hashing’ power from a mining rig that will allow him to use it for mining purposes. The service is very convenient as the Argo system provides the user with options of which cryptocurrency to mine, which mining pools to join, wallets to use and finally credit card approvals.

This gives Argo a competitive edge against other crypto mining companies. The listing of the company removes the risk that all crypto users are afraid of, fraud and scams. It commands a level of trust that no other mining company has.

This is solely the reason behind the mining activity that is being registered by the company despite the market conditions right now. The demand is so high that by September, the company had a waiting list of almost 50,000 new customers waiting to get listed on their subscriptions. Also, it is worth to note that although Argo’s shares have registered a growth of 25% in their share profits since they got listed on the LSE, the shares are highly discounted as compared to the time of listing.

 

 

 

 

 

 

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