The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Two blockchain start-ups offer very different bets on the future of bitcoin mining

Argo offers state of-the-art crypto mining as a service to the little guy but COTI’s trustchain may do away with miners altogether.

Bankers eagerly await the Hong Kong IPO of Bitmain, the dominant provider of computer hardware for cryptocurrency miners which had $2.8 billion of revenue in the first half of 2018. But as they wonder what valuation public investors will eventually put on a company that has already raised $872 million in private funding – with a $422 million venture round completed in August that drew in Temasek Holding among others – let’s not forget Argo Blockchain.

Crypto analysts have at various times in recent months talked up a valuation for Bitmain, which was founded in 2013 and is headquartered in Beijing, of anywhere from $15 billion to $50 billion.

Founded in December 2017, headquartered in London but with most operations in Canada, Argo is a much smaller company, with a market cap a mere fraction of that. But it has already listed on the London Stock Exchange main market, raising £25 million through a placement in August 2018, to build out a new platform.

We’ve had software-as-a-service, banking-as-a-service and blockchain-as-a-service.

Argo now offers mining-as-a-service.

Subscription packages

It is in the process of leasing state-of-the-art blockchain mining hardware to build up racks of servers while selling subscription packages for retail users to rent this industrial-scale mining capacity and gain payment in mined cryptocurrencies.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree