Multi-Millionaire Frank Timis Exposed as Part-Owner of Argo Blockchain Mining Operation
Mining is a critical part of the crypto industry, and the participation of various companies has made it a competitive field. However, when someone who is worth millions of dollars gets involved, there is much more at stake. After a recent shakeup of Argo Mining, new reports with Daily Mail reveal that Frank Timis, a multi-millionaire with an incredibly unpredictable past, is a part owner in the company.
Timis is a businessman who already has millions of dollars in investments involving both oil and gold mining, owning the Gabriel Resources gold mining company. Timis is linked to Rothschild Bank, which has been watching cryptocurrency for the potential it has for disruption in the industry, and it recently provided a $3 million loan to the gold mining company in Australia.
Timis was born in 1963 in Romania and has two convictions for heroin possession with attempt to supply, which happened in the 1990s. The decade before, he was convicted of possession of marijuana. By 2002, it seems that his convictions were behind him when he eventually founded Regal Petroleum. The company became one of the best-performing stocks with the Alternative Investment Market.
Though the stock was worth millions for a while, the Greek oil well was responsible for boosting the share but was revealed as false. As such, the share price collapsed, and the company was issued the highest fine ever imposed by the London Stock Exchange. Later, Timis launched African Minerals, but iron ore prices collapsed, and the Ebola outbreak happened. Both of these circumstances led to the company’s demise, and the failure of African Minerals cost Timis personally $252 million.
Institutional interest in cryptocurrency rose last year, and this year is expected to be even bigger for involvement. The arrival of Timis as a part owner of Argo Mining comes at the same time as the overhaul of the business plan as well and marks his return to business in London after four long years. With the heightened cost of mining and the lengthy crypto winter, the former model that Argo Mining had in place no longer could bring in the proper revenue to stay afloat. Now, with at 14% stake in the mining firm, Argo is able to invest in mining rigs of their own, instead of being the middleman for hashrate sublets.
Bitcoin has been nicknamed “digital gold,” and understanding exactly how it works is the key to surviving as it thrives. The potential for institutional adoption is real, but only companies that are open to these changes will be able to follow the progress. At this point, the structure of Bitcoin ensures that the digital asset will be incorruptible and acceptable for the masses and will remain in control of users.