There is a sharp increase in the demand for mining services in the United Kingdom. Argo diversifies mining platform to cater for the demand spike. Based in London, Argo Blockchain PLC launched two new coins which takes the total coin tally to six. In a press release, the company details that users will begin mining Komodo and Horizen on its platform. The release puts the exact date of commencement on October 1.
Further, the company says that the additions come on the back “strong demand from customers.” The blockchain platform specialises in alt-coins only, meaning users cannot find Bitcoin on it. At the moment, subscribers are only able to mine Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. The new additions provide the much needed diversity that customers prefer on a mining platform.
Customer-led growth strategy
The September 11 press release adds that the expansion is possible due to recent platform upgrades. Just under five days ago, the firm announced the acquisition of new application specific integrated circuit (ASIC) hardware. The hardware increases the hash power of the platform making it possible to support mining of more coins. In addition, the ASIC equipment is important in managing the use of electricity. They support energy efficient mining activities. With the expanded platform, customers with monthly subscriptions will be able to mine more coins easily.
Commenting on the development, President and co-founder of Argo, Mike Edwards said:
“The addition of these currencies is a further step in Argo’s long-term goal to become a leading global provider of an easy-to-use and transparent crypto-mining service for the general public. Our growth strategy is customer-led and we look forward to offering even more choice as demand grows and we invest in our platform.”
Argo diversifies mining platform to regain losses
New coins will help the company recover from the losses experienced in the last half of the last financial year. As Argo diversifies mining platform, more customers will join the platform, hence more revenue. According to Morningstar, since the December 5 incorporation the company posted a loss of GBP1.1 million before tax. However, the cryptocurrency mining services provider looks like it will better results this year.
“We have made a strong start to the second half of the year and look forward with confidence to delivering on the company’s long-term potential,” said Jonathan Bixby, Chairman of Argo Blockchain PLC.