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In brief: Crypto mining giant Bitmain lets IPO application lapse

A fall in the price of Bitcoin makes it more difficult for the industry to attract stock market investors.

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Crypto Mining Firm Argo Blockchain Expects Cash Breakeven in May With New Miners

Cryptocurrency mining firm Argo Blockchain expects a breakeven following an investment in new mining equipment, according to a press release published on the London Stock Exchange’s (LSE) site on May 8.London-based Argo said that it expects a cash breakeven in May, and outlined its intention to continue to expand its mining infrastructure as hardware prices…

Cryptocurrency mining firm Argo Blockchain expects a breakeven following an investment in new mining equipment, according to a press release published on the London Stock Exchange’s (LSE) site on May 8.

London-based Argo said that it expects a cash breakeven in May, and outlined its intention to continue to expand its mining infrastructure as hardware prices become cheaper.

The company expects that 1,000 units of Bitmain Z11 miners that came into production on May 2 will improve gross margin during the second quarter. Argo further reveals that it has settled a purchase of 1,000 units of S17 miners for “a total consideration of £1.7 million ($2.2 million) with plans to put it into production in early July.”

Executive Chairman Jonathan Bixby said, “We strongly believe that the cryptocurrency market has considerable long-term potential to become a major asset class and that the correct strategy is to continue to invest in mining infrastructure at current prices.”

In August 2018, Argo reportedly became the first crypto company to join the London Stock Exchange (LSE), after raising around $32 million for a total valuation of about $61 million. According to an initial admission document from the LSE, a total of 156,250,000 ordinary shares placed at 16 pence per share valued Argo at a market capitalization of £47 million (around $61 million).

Notably, Argo registered a pre-tax loss of £4.1 million ($5.3 million) as of the end of 2018, according to the company’s annual report. In February of this year, Argo announced it would terminate its mining-as-a-service operations by April, focusing solely on direct mining. “The redeployment of the mining infrastructure and capital is expected to be profitable following a material reduction in input costs achieved from suppliers,” the update read at the time.

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Crypto-Friendly Quebec Discounts Electricity, Luring Bitcoin Miners into Canada

By CCN.com: Canada aims to lure cryptocurrency miners by offering cheap electricity in Quebec. The city’s energy authority, Régie de l’énergie, has asked its largest power provider to set aside an additional 300 megawatts of discounted energy for new bitcoin mining projects.Until now, crypto mining has been fiercely concentrated in China. But as Beijing mulls…

Crypto-Friendly Quebec Discounts Electricity, Luring Bitcoin Miners into Canada

By CCN.com: Canada aims to lure cryptocurrency miners by offering cheap electricity in Quebec. The city’s energy authority, Régie de l’énergie, has asked its largest power provider to set aside an additional 300 megawatts of discounted energy for new bitcoin mining projects.

Until now, crypto mining has been fiercely concentrated in China. But as Beijing mulls an outright ban on bitcoin mining, the industry is flocking to Canada.

Décision de la Régie de l’énergie entourant l’industrie des chaînes de blocs. Bonne nouvelle, car nous pourrons aller de l’avant avec un processus de sélection selon lequel un bloc de 300 MW sera octroyé à des nouveaux clients de ce secteur.https://t.co/1UP95swUzv

— Hydro-Québec (@hydroquebec) April 29, 2019

Quebec: cheapest bitcoin mining rates in N. America

The leading power provider Hydro-Quebec had previously set aside 368 megawatts of discounted energy for crypto miners. Under the new regulation, Hydro-Quebec will add an extra 300 specifically to attract new projects, totalling 668 megawatts.

New miners will submit an application outlining plans for job creation and attracting new investment to the region. The projects will also be expected to offer a plan for heat recovery to offset the energy waste from mining.

Hydro-Quebec

Hydro-Quebec generates an energy surplus using renewable hydro energy. Source: Hydro-Quebec

Despite the strict criteria, Hydro-Quebec is confident in attracting big players:

Read the full story on CCN.com.

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