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Argo Blockchain Mulls Over Prospective Second Listing on Nasdaq

UTC by Sanaa Sharma · 3 min read
Argo Blockchain Mulls Over Prospective Second Listing on Nasdaq
Photo: Argo / Twitter

Peter Wall, CEO of Argo Blockchain, emphasized the major developments in the crypto market since June, calling attention to the undeniable depletion in the total global hash rate.

The only cryptocurrency mining company listed on London Stock Exchange Argo is eyeing a second prospective listing on Nasdaq Exchange. The publicly traded blockchain technology committed to large-scale crypto mining declared the probability of a secondary listing on the Nasdaq. This news comes as part of its functional and calculated improvements for June 2021.

Argo Blockchain is an international data centre management business that furnishes its users with an inexpensive, workable and convenient platform for the mining of the leading cryptocurrencies. Data Mining as a Service (DMaaS), which is a computing infrastructure that enables interdependent mining of scientific data on the cloud, is available to everyone through the Argo platform. It caters to the customers who do not have significant computing expertise and allows them the opportunity to mine Bitcoin, Ethereum and other crypto assets

The company has seen a meteoric rise with the number of mined coins increasing by 85% in 2020 with revenue growth of 120% at 19 million Euros. In an announcement recently, Argo Blockchain’s total mining revenue positioned itself at a whopping 883 BTC, with the firm projects holding 1,286 BTC by the end of June 2021.

Turning down the speculation a notch, Argo confirmed that the company is yet to take a final decision on the listing at Nasdaq. In a statement issued by the London-based firm, the company reiterated the fact that any suggested advancement in the market is subject to several parameters and conditions, and that there is no affirmation on whether the proposed listing may be concluded.

Peter Wall, CEO of Argo Blockchain, emphasized the major developments in the crypto market since June, calling attention to the undeniable depletion in the total global hash rate. Following the ban on cryptocurrency mining in China, many crypto mining companies have found themselves concluding their operations in the country. According to Wall, Argo has tried to make the most of these developments, in a pursuit to convey impressive revenue at a sturdy margin.

The last few months of the year have been amusing for the UK-based company. On February 26 this year, Argo finished the installation of a supplementary 4,500 Bitmain Antminer S19 and S19 pro miners. The new developments have helped the company’s total mining capacity rise to 1075 Petahash, in addition to 280 Megasols of equihash mining capacity. In a statement issued by the CEO the following month, Argo tweeted, “I’m delighted that Argo has generated record mining revenue and profits for the third month in a row, making this quarter Argo’s best performing since the Company’s inception.”

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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