Despite unequivocal evidence that mining hashrate is falling on many crypocurrencies’ networks, the London-based cloud mining service Argo Mining continues to receive more demand for their services than it can satisfy, the Financial Times reports.
Rather than mining themselves, either solo or on a mining pool, users can pay Argo to gain access to its mining resources, with the company presumably using the capital to acquire more mining hardware and sharing the mined bounty with its customers.
Argo co-founder Mike Edwards said that “Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply,” speaking to the Financial Times.
The mining outfit started out mining only Equihash- and Ethash-compatible altcoins, such as Ethereum (ETH), Ethereum Classic (ETC), and ZCash (ZEC). They added Komodo (KMD) and Horizen (ZEN) in September, and have now broken into Bitcoin mining as well according to Bloomberg. Argo, formerly called GoSun Blockchain, was founded in 2017.
It is interesting to note that, consonant with Argo’s claims in at least one instance, ZCash is bucking the current mining trend of decline by adding continually more hashrate to its mining network. However, both Ethereum and Ethereum Classic have lost considerable network hashrate of late since August highs. This trend also mirrors that of the Bitcoin network, which has quicklybled off almost half of its network hashrate.
(source: bitinfocharts.com)
Against The Current?
CryptoGlobe has been continuously reporting on the fall of mining hashrate and difficulty on the Bitcoin network, and with it the fall of crytpoasset prices and mining profitability. Thus, besides the example of ZCash mentioned above, it is impressive that Argo has been able to hang on in the tough market.
Edwards is confident that “Despite a recent downturn in the cryptocurrency market, we are continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy.”
