The cryptocurrency mining company Argo Blockchain, listed on the London Stock Exchange, doubled its Zcash mining capacity with an investment of approximately $ 500,000.
The public mining company Argo Blockchain, which began trading on the London Stock Exchange in 2018, bought 750 Antminer Z11 mining devices designed specifically for the Equihash algorithm. According to CoinDesk, the company has invested $ 474,000 for this. In the statement made to the stock exchange, it was reported that the machines are operating at full capacity.
There are very few coins using the Equihash algorithm. The biggest coin among these is by far the Zcash. This acquisition shows that Argo significantly increased its Zcash mining capacity. The new Z11s will now work with 1000 machines the company already has.
Argo does most of its mining operations for Bitcoin. In May, the company had a total of 18,000 mining equipment, and 17 thousand of them worked mostly for Bitcoin.
However, after the Z11 mining machines purchased in May 2019, the company became one of the largest companies engaged in Zcash mining.
In a statement on the company website, he informed that they constitute about 3.5 percent of the mining power of the entire network. Assuming that the total hash rates are separate, Argo will comprise 6 percent of the Zcash blockchain with 750 additional machines purchased.
Zcash is one of the top 25 cryptocurrencies with a market value of $ 524 million. Privacy-oriented crypto money finds buyers for $ 55.