Argo Blockchain is a publicly-traded cryptocurrency mining company that operates in North America. The company was founded in 2017 and is based in London, UK. Argo Blockchain specializes in mining Bitcoin and other cryptocurrencies using a combination of its own mining hardware and rented hashing power from third-party providers.
The company’s mining operations are powered by renewable energy sources, primarily hydropower, which allows Argo Blockchain to maintain a relatively low carbon footprint compared to other cryptocurrency mining companies.
Argo Blockchain has a dual-listing on the London Stock Exchange and NASDAQ (ARBKF) and is among the few publicly-traded cryptocurrency mining companies. The company has been expanding its operations and diversifying its revenue streams by entering into various partnerships, including a joint venture with DMG Blockchain Solutions to launch a Bitcoin mining pool focused on using clean energy sources.
As with any investment, it is important to conduct thorough research and due diligence before making a decision to invest in Argo Blockchain or any other cryptocurrency-related company. It is also important to keep in mind that cryptocurrency markets can be highly volatile, and investing in such companies may carry risks.
In addition to its cryptocurrency mining operations, Argo Blockchain has expanded its services to include cryptocurrency trading and a proprietary mining optimization platform that helps miners maximize their profits by optimizing their hardware and energy usage.
The company has been reporting consistent growth in its revenue and mining capacity. In its 2021 financial report, the company reported a 120% increase in revenue to $44.19 million and an increase in its mining capacity by 90% to 1,815 petahash per second (PH/s). The company also reported a net profit of $2 million in 2021, a significant improvement from its net loss of $838,000 in 2020.
Argo Blockchain has made several strategic investments in the blockchain and cryptocurrency space, including a stake in Pluto Digital Assets, which is focused on decentralized finance (DeFi), and a strategic partnership with Luxor Technologies, a cryptocurrency mining pool.
The company has also been active in the environmental, social, and governance (ESG) space, as it has been working towards achieving carbon neutrality by using renewable energy sources and implementing various energy efficiency measures.
Is Argo Blockchain Centralized of Decentralized?
Argo Blockchain is a centralized company. As mentioned above it is a publicly-traded company that is registered in the UK and operates in a centralized manner, with a board of directors, executive team, and employees who manage the company’s operations.
While Argo Blockchain’s mining operations are part of the decentralized Bitcoin network, the company itself is a centralized entity that operates in a regulated environment and follows traditional corporate governance structures. As a centralized company, Argo Blockchain is responsible for managing its operations, ensuring compliance with regulatory requirements, and making strategic decisions that impact the company’s growth and financial performance.
It is important to note that the decentralized nature of the Bitcoin network and the centralized nature of Argo Blockchain are separate concepts. The Bitcoin network is decentralized because it is maintained by a distributed network of nodes, miners, and users, without any central authority controlling it. Argo Blockchain, on the other hand, is a centralized company that operates within the decentralized Bitcoin network to generate revenue by mining Bitcoin and other cryptocurrencies.
