Argo invested $ 500,000 in Zcash mining amid falling bitcoin mining revenues

The mining company Argo has almost doubled its resources for mining cryptocurrency Zcash, according to new reports for the London Stock Exchange.

According to the document, Argo purchased 750 Antminer Z11 devices focused on working with the Equihash algorithm for a total of $ 474,000. The equipment has already been installed and is operating at full capacity, the company said. Only a few cryptocurrencies use the Equihash algorithm, the largest of which is Zcash. To this, Argo had 1,000 Antminer Z11 devices.

The main focus of Argo remains Bitcoin mining. In May, the company reported that with the 18,000 Miners it has, 17,000 are adapted to work with the SHA-256 algorithm.

Argo purchased the Z11 devices for the first time in May 2019 and has since become the largest Miner in the Zcash system. On her website, she claims that she accounts for about 3.5% of the cryptocurrency computing power, and with the latest expansion, the value could increase to 6%.

“The right strategy is to continue investing in mining infrastructure. The Argon Z11 kit is very successful. We are pleased to expand the power mining for working with Equihash, ”said Peter Wall, CEO of Argo.

The Chinese company Bitmain, which is behind the development of Z11, has until today launched a more powerful miner for mining Zcash, but Argo claims to have a higher return on investment when using the old model.

This month, Argo announced a drop in revenue of $ 600,000, including due to halving bitcoins. As a result of lower rewards on the same number of devices, she managed to get 60 bitcoins less.

Photo: Steve Heap