One crypto mining company just raised 25 million Euros (about $32.5 million USD) through an IPO on the London Stock Exchange (LSE). The UK-based Argo Mining (ticker:ARB) provides ‘accessible’ crypto mining via a subscription service and is the first company to be listed on the LSE.
Initially, the company raised 5 million GBP which is about $6.5 million – and more than its initial goal of 20 million GBP through the IPO. Argo kicked off on the exchange with around 156 million shares that accounted for 53.2% of its shared capital, as one company document states.
The shares were priced at 16 pence and gave the business a total market valuation of 47 million GBP – or $61.2 million US dollars.
As the executive chairman of Argo, Jonathan Bixby stated in the document:
“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
Bixby also told the Financial Times that Argo’s plans are to be “the Amazon Web Services of crypto”. As he said:
“More than 90 percent of crypto mining is done by elites on industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”
Meanwhile, several other mining companies in the crypto space are also considering IPOs.
South Korea: Five Arrested In A New Crypto Mining Malware Case Involving 6,000+ PCs
“Because cyber security firms and anti-virus software operators responded quickly to the distribution of mining malware, the group of hackers were not able to generate a significant revenue from their operation. In most cases, anti-virus software detected the malware within three to seven days. If the malware was detected, the hackers sent new malware, but it was detected again by anti-virus software,”Carried into over 6,000 actively used computers, the operation managed to only generate $1,000 in profit in total.
[UPDATED] Crypto Pioneer Charlie Shrem Fights Back The Accusations Of Stealing 5,000 Bitcoins
“Nor can WCF prove Shrem engaged in any misconduct. He did not. Shrem can show by verifiable evidence that he did not take the 5,000 bitcoins WCF accuses him of taking and that they belonged to Mr. X. Shrem, therefore, did not breach any duty to WCF, even if one were found to exist.”Both sides are going to meet in court tomorrow Nov. 8.
Fake Elon Musk Twitter Accounts Promote Bitcoin Scams, One Got Away With $170k
Scandal In Bulgaria: Officials Arrested For Selling Passports In Exchange For Bitcoin
“Peter Haralampiev, Krasimir Tomov, and Mark Stoyov have been arrested for fraud with the issuance of Bulgarian passports to Ukrainian, Moldovan and Macedonian citizens.”The lawyers of the accused officials denied that their clients had anything to do with this fraud but the Prosecutor General, however, demands that the lawyers must provide evidence in order to prove that isn’t the case. The lawyers on the other hand, still haven’t provided the court with reliable evidence. Some people even expected a resignation from the Vice Prime Minister of Bulgaria Valeri Simeonov because of the level of corruption in the agency but he clearly noted that he doesn’t have such intentions. Despite the government officials involved in such criminal activities, 20 other people were detained in Bulgaria for selling passports to citizens in Ukraine, Moldova, and Macedonia while receiving more than $5,000 for a single document. Since Bulgaria is a member of the European Union, the passport allows people to live, travel and work easily in any other EU country without any restrictions unlike the citizens from the above-mentioned countries.
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