UK-Canadian start-up Argo has thrown its hat into the crypto mining ring by offering a new, low-cost mining service. Aimed squarely at people who’d like to begin mining digital assets but lack the technical know-how or financial clout, the company offers an affordable mining-as-a-service (MaaS) solution which can be set up in minutes.
Although the MaaS model has been around for some time, the Argo platform is one of the simplest yet and enables users to mine Ethereum and other alt-coins with the click of a few buttons. Making use of ‘cutting-edge’ mining rigs, the Argo system has been developed by a group of tech experts which includes co-founders Mike Edwards and Jonathan Bixby.
Edwards said: “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive…we had to change the game and democratise the process so that crypto-mining could become a mainstream consumer activity.”
In an interview with the Financial Times Jonathan Bixby expanded:
“More than 90 per cent of crypto-mining is done by elites on (an) industrial scale because it is technically very difficult to do…It is incredibly expensive to buy, up front, the hardware you need (is priced) at $5,000 a machine.”
To get around these issues, Argo charges a flat fee of £18 per month and provides access to four digital currencies: Bitcoin Gold, Ethereum, Ethereum Classic and ZCash.
Headquartered in London, Argo currently employs 20 people and has data centres in Quebec with plans to launch more in China and Iceland. Both countries offer cheap renewable power as well as colder climates which help to cool the servers.
In order to raise money to help drive growth, the company recently announced plans for a flotation on the London Stock Exchange. Despite concerns about the validity of certain crypto mining companies within financial circles, Argo won approval to go public from the UK Listing Authority two weeks ago. Bixby stated that he chose London due to its role as a global financial hub.