Argo Buys $500K-Worth of Zcash Miners as Bitcoin Revenue Shrivels

Argo has nearly doubled its mining capacity for zcash, possibly as it looks to diversify from bitcoin. But since Argo bought its first lot of Z11 miners in May 2019 – in a bid to salvage its stock price after a $5.3 million pre-tax loss in 2018 – it has become one of the largest zcash miners.

Assuming total hashrate stays the same, the additional 750 miners means Argo could now constitute something like 6% of the Zcash blockchain. CryptoCompare’s mining profitability calculator shows mining Zcash with a Z11 brought in much greater returns – upwards of $130 each month – compared to bitcoin which, even with the latest S17 rigs, would still mine at a loss of about $90 a month.

Timeline of Zcash