Argo Blockchain news

A British cloud-mining company listed on the London Stock exchange.

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Argo Blockchain Sees 146% Increase in Crypto Mining Package Sales

A shattered crypto market has not deterred miners from purchasing crypto mining software packages, revealed Argo Blockchain. The U.K.-based Mining-as-a-Service (MaaS) firm noted a 146% jump in its sales between October 1 and December 4 after selling a new batch of packages. It led the company to beat its January 2019 sales targets ahead of time and by a notable margin. As of now, Argo expects to note an annual revenue of $6.2 million, up from $0.26 million when it listed on the London Stock Exchange. Meanwhile, the firm stated that its net cash balance as of November 30 had reached close to $19.22 million. Mike Edwards, co-founder, and director of Argo, claimed that their high revenue growth proved their strategies were working despite the crash in the crypto market lately. He acknowledged that the demand for crypto mining packages was already going up, which made Argo expand its mining capacity in September to cater to seven-times more subscribers. As expected, the supply underfed the growing demand, leading to an immediate sell-off of the mining software packages after release. “Demand for the company’s packages continues to exceed supply, but the company looked to the future with confidence,” Edwards added. Related Reading: US Mining CEO: Bitcoin Miners Are Being Flushed Out of the Market Future Projections Argo has a sustainable business model that could lead to “highly-profitable” fiscal quarters in the future, believes Alan Howard, a senior equity analyst at Argo’s house broker, Mirabaud Securities. The financial expert explained that the firm had started posting profits just three months after the launch, with its annual revenue run rate hitting $2.5 million. He recognized that if Argo manages to sell 30,000 packages within the first 12 months of launch, its revenue run rate will peak to as highs as $18 million. It would remain profitable even after cutting down operational costs related to hardware, customer acquisition, and electricity. “Longer term, the company is well positioned to develop a mass market and highly profitable global crypto-mining service, having already secured enough power capacity at highly attractive electricity costs (US$0.030-0.038 per kWh) to be able to service over 150,000 packages from its Canadian data centers,” Howard had said. The company could also benefit from Bitcoin’s falling difficulty which makes it easier for miners like them to mine the digital currency while preserving the essence of its proof-of-work blockchain. However, the projections do not specifically describe how much of a role Bitcoin could play in posting bullish figures for Argo. Simple Mining The crypto mining sector faced huge losses after the crypto market crashed more than 80% from its all-time high. Miners that were bullish on specific cryptocurrencies pre-ordered expensive mining equipment, expecting their tokenized rewards would be met with higher fiat equivalent down the road. At the same time, chipmaking companies such as Nvidia and AMD misread the demand for crypto mining equipment and oversupplied the market. As the demand dropped due to non-profitability, they eventually stopped manufacturing more mining chips. Argo, on the other hand, has removed the necessity of owing mining equipment from the equation. Their users subscribe to their monthly packages, and they use the money to run their mining operations in countries with cheaper electricity rates – thereby, ensuring profits to all. Noting that Argo is heavily regulated, investors appear more confident in their business model. Last checked, Argo shares went up 18.4% to 5.625p. Featured image from Shutterstock. Argo Blockchain Sees 146% Increase in Crypto Mining Package Sales was last modified: December 4th, 2018 by Davit BabayanThe post Argo Blockchain Sees 146% Increase in Crypto Mining Package Sales appeared first on NewsBTC.

Argo Mining as a Software Service Adds Bitcoin (BTC) And Ethereum (ETH) To List

Argo, A UK-Based Provider Of Cryptocurrency Mining services, Has Announced The Launch Of Bitcoin [BTC] On Its Platform From November 1st. Now, the most popular digital asset will join the likes of ether, Bitcoin Gold, ETC, Zcash, Komodo, and Horizen as part of Argo’s services aimed at aspiring crypto miners who are less tech-savvy. With Bitcoin’s inclusion, the total number of digital currencies supported will be seven. The choice to offer Bitcoin on the Argo platform was made in acknowledgment to public demand. Mike Edwards, the company’s co-founder, and the president said the following about Bitcoin’s inclusion: “We have seen strong demand for Bitcoin and our growth strategy is customer-led. We look forward to offering even more choice as demand grows and we invest in our platform.” The move comes in response to consumer demand and will increase the total number of cryptocurrencies available for mining by subscribers to seven. The current market capitalization of Bitcoin is $114bn. The addition of Bitcoin follows the successful expansion of Argo’s mining platform and a ten-fold increase in its sold packages to 4,200, marking the first significant ramp-up of the company’s revenues since its Initial Public Offering in August of 2018. In August, Argo became the first crypto-mining service provider to gain admission to the main market of the London Stock Exchange through a standard listing. The venture, which is headquartered in London and runs a datacentre based in Quebec, Canada, raised £25 million following its debut, giving it a valuation of £47 million. About Argo Argo Blockchain plc is a global data center management business that provides a low-cost, flexible and user-friendly platform for the mining of leading cryptocurrencies. Their cloud-based Mining as a Service (MaaS) platform is available at scale on a monthly subscription. The Company's shares are listed on the main market of the London Stock Exchange under the ticker: ARB.
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UK Cryptocurrency Startups Suffer Dwindling Fortunes Amidst Market Decline

Cryptocurrency startups in the United Kingdom are struggling in 2018. The fringe benefits that came with changing a company’s name to reflect an interest in blockchain technology seems to have all but disappeared. “Cryptomania” is at its Lowest Ebb In the last months of 2017, cryptomania gripped large swaths of the global business scene. With ICOs raking in hundreds of millions of dollars and cryptocurrencies reaching new all-time highs, the emerging market became the focus of interest from several quarters. Fast-forward to 2018 and much of the hype and hysteria has dissipated with cryptocurrency prices taking a beating for most of the year. This price decline seems to have also affected many stakeholders from mining companies to crypto hedge funds, as well as other cryptocurrency startups. Argo blockchain attempted to write major headlines at the start of August, becoming the first cryptocurrency company to be listed on the London Stock Exchange. Despite the buzz generated when the news emerged, the share price of the company has fallen by almost 50 percent from $0.20 to $0.11. Share Price of Cryptocurrency Companies Plummet in 2018 At the height of cryptomania, some companies altered their corporate courses, steering firmly into the unknown cryptocurrency waters. The allure of the emerging market most likely buoyed them, they imagined that they could stake a significant portion of the market. A few companies even changed their name of included a blockchain addendum with the hopes of securing a positive share price growth. Online Blockchain and Blockchain Worldwide were two such companies. Both based in the UK, they have also more or less experienced the same downturn in fortune. According to a recent Financial Times (FT) article, the two companies jumped into the cryptocurrency arena in late 2017 and early 2018. Online Blockchain was originally called On-line, an information technology incubator enterprise. After making the transition to cryptocurrency and rebranding itself, its shares also rose from $0.17 to about $1.95. However, the steady decline in the prices of cryptocurrencies has seen the company’s shares tumble by more than 75 percent to $0.51. According to the company, its cryptocurrency venture is yet to bear fruit. Notwithstanding, Online Blockchain doesn’t seem to be slowing down in its efforts. The company recently acquired Eucryptid Gaming Inc – a cryptocurrency startup that specializes in game development. For Blockchain Worldwide, it rebranded itself from Stapleton Capital in September 2017. At the time of the announcement, its shares soared almost 50 percent. However, an inability to achieve any tangible result in the industry has seen its valuation take a significant nosedive. The company’s shares now stand at $0.06 which is materially much lower than its share price before it made the transition to cryptocurrency. Do you the good times will return for these companies? Keep the conversation going in the comment section below. Images courtesy of The London Stock Exchange Group, Shutterstock The post UK Cryptocurrency Startups Suffer Dwindling Fortunes Amidst Market Decline appeared first on

Argo Blockchain Cryptocurrency Mining Company Gets $32.5 Million And LSE Listing

The cryptocurrency mining company known as Argo Blockchain PLC has been the first crypto firm that joins the London Stock Exchange (LSE). Argo was able to raise over $32 million dollars and reach a valuation of $61 million. The information has been released by The Telegraph on August the 3rd and says the firm offers customers the ability to mine Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), and Zcash (ZEC). Users are able to mine virtual currencies using Argo’s computers or mobile devices for a monthly subscription fee. The company will be providing immediate access to the mining rigs. All the coins mined by customers will be immediately sent to their digital wallets. As per an initial admission document that the LSE presented, 156,250,000 ordinary shares have bee placed at 16 pence per share. These shares represent 53.2 percent of the issued share capital and it has valued Argo at $61 million dollars. Jonathan Bixby, Argo’s co-founder, explained that Argo’s mining subscription services have been created with the intention to help users be part of the revolution associated to virtual currencies and blockchain technology. The company has been founded in 2017 with the intention to build an important international data center management business for assisting those in crypto mining as a service (MaaS). Furthermore, the company wants to be available for every person interested on the services all over the world. It is important to mention that the company was launched on June the 11th and it has no more subscription packages available; they have all been sold out. Bitmain Expands Its Operations The crypto mining giant, Bitmain, has also revealed that it wants to conduct an overseas initial private offering (IPO). During the first quarter of 2018, the company announced that it registered earnings of about $1 billion dollars. Bitmain is now focusing in artificial intelligence and is trying to expand its business into other fields.
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Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure

Global digital asset management firm, Grayscale, has announced an investment vehicle based around XLM. XLM/USD is moving within the confinements of a bearish pattern structure, subject to a breakout south. XLM/USD has been subject to very narrow and choppy trading, which has been going on for the past eight sessions now. Price action is moving […] The post Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure appeared first on Hacked: Hacking Finance.

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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