The two companies are aiming to create the world’s largest mining-as-a-service model built for institutional clients.
Argo, with headquarters in London, operates cryptocurrency mining facilities in Quebec, Canada. Founded in 2017, its principal goal is to allow individuals to mine cryptocurrencies from home through its subscription model.
As part of the deal, HIVE and Argo will aim to build business-to-business (B2B) mining-as-a-service (MaaS) infrastructure. This new solution will be targeted towards institutional clients, and the companies plan to make it the foremost B2B MaaS service provider in the world.
Together, HIVE and Argo bring complementary mining capabilities. HIVE’s mining capacity stands at 45 megawatts and Argo has a capacity of 10.5 megawatts. Institutional partners will be able to utilize the combined capacities of HIVE and Argo to produce a host of cryptocurrencies.
Between the two, the companies operate facilities in Quebec, Norway, Iceland and Sweden. HIVE mines a number of different cryptocurrencies, including Ethereum, Zcash and Monero.
“The alliance is transformational for Argo and will deliver long-term and sustainable fiat-based revenue streams, ” said Jonathan Bixby, executive chairman of Argo, in a press release.
As outlined in the strategic partnership, HIVE and Argo will undergo a share swap agreement, where 5 percent of HIVE’s outstanding shares will be exchanged for 15 percent of Argo’s outstanding shares.
“We are excited about this…