Cryptocurrency mining company Argo has doubled its resources in mining cryptocurrency Zcash (ZEC), according to a report submitted by the London Stock Exchange.
According to a press release, Argo purchased 750 Bitmain Z11 mining units for $474,000 to add to the Company's existing 1,000 Bitmain Z11 mining units currently in production. The additional 750 units went into production immediately at the time of acquisition and are currently running at full capacity.
One of the largest currencies that use the Equihash algorithm is ZEC. Previously, Argo had 1,000 Antminer Z11 miners.
The main focus of Argo is bitcoin (EXANTE: Bitcoin) mining. In May, the company said that out of the 18,000 miners it had, 17,000 were adapted to work with the SHA-256 algorithm.
Argo purchased the Z11 devices for the first time in May 2019 and since then has become a major miner in the Zcash system. The company claims that it accounts for about 3.5% of the computing power of the cryptocurrency, and with the latest expansion, the value could increase to 6%.
Argo CEO Peter Wall says the company believes that cryptocurrencies are well-positioned to become an even larger asset class, and that the correct strategy "is continued investment in mining infrastructure."
"Argo's existing fleet of Z11s have performed extremely well, and we are pleased to add more equihash mining capacity to our fleet of machines," Wall added.
Earlier Argo announced a drop in revenue of $600,000 due to the bitcoin halving.
iHodl previously reported that Chinese mining giant Ebang decided to debut on the Nasdaq. According to a document recently file by the company with the US Securities and Exchange Commission (SEC), the company plans to launch its shares on the Nasdaq under the ticker EBON and to raise around $106M.
To do so, it plans to issue 19.21 million shares at a price of $4.50-6.50.
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