to reportto report, cloud mining company Argo has received permission from the UK Listing Authority to list on the London Stock Exchange (LSE).

Argo is understood to be unprofitable, having only raised $2.5 million from private investors earlier this year. Argo is currently valued at 40 million pounds and plans to raise 20 million pounds after listing.

Jonathan Bixby, co-founder of Argo, said: "Currently 90% of the cryptocurrency mining computing power is monopolized by large mines, and a mining machine costs $5,000, so personal mining costs are very expensive. Argo's cloud mining business can reduce Mining costs, we plan to become the cryptocurrency version of the "Amazon" cloud computing center."

Simply put, cloud mining is to share local mining machines on the network, which can be said to be a sharing economic model. Argo provides services such as mining machines, network, operation and maintenance, and users only need to pay a certain fee for mining machine rental and hosting services to obtain corresponding mining income. As for the tedious process of buying machines and maintaining them, they don’t have to worry at all. Argo claims that cloud mining operations can save miners from the pain of loud noise.

Argo's cloud mining business adopts a mining right membership system and charges a fixed fee of $25 per month. It is mainly used to mine four cryptocurrencies: bitcoin gold, ethereum, ethereum classic and zcash.

At present, Argo has established a large mine in Vancouver, Canada's second largest city. Now they plan to open two more mines in Iceland and China to enjoy the low temperature environment and cheap electricity.

Argo co-founder Mike Edwards commented:

"Building computer equipment to mine cryptocurrencies is difficult, inefficient and expensive. We have to change the game and democratize the mining process more so that cryptocurrency mining becomes a mainstream consumer activity."

(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)

(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)