Argo Mining Sells out Entire Crypto Mining Packages Despite Bear Market
One cryptocurrency-related firm claimed that people still want in on the mining industry amid several reports of other mining operators shutting down their units.
Argo Mining—the first crypto company listed on the London Stock Exchange—said that it has sold 10,325 crypto mining packages as of December 4, more than twofold of the only 4,200 sold on October 1.
The company also stated earlier that its packages “are sold out,” and prospective customers should join the waitlist for the meantime.
Wow, thank you to the Argo community for your incredible support! We are sold out. If you missed a package this time, be sure to sign up for our waitlist, so you will be the first to know when new packages become available: https://t.co/ZNkf4JMfnJ pic.twitter.com/h0S5VY5Nkl
— Argo (@ArgoMining) November 9, 2018
Argo offers remote crypto mining services to its customers, with its mining rigs located in Canada and other parts of the world. Packages include the mining of Bitcoin (BTC), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), and Horizen (ZEN).
Mike Edwards, co-founder and director of Argo, said:
“Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply.”
Argo’s reported success came as a surprise to many, given that crypto mining—particularly on the Bitcoin network—has not been profitable as of late.
An estimate by Sam Doctor, Fundstrat Global Advisors’ head of data science research, showed that BTC should be valued around US$5,700 now for mining to be beneficial. However, Bitcoin is far from the estimated level, trading around US$3.939.59 against the US dollar.
The falling value of Bitcoin, among other factors, has caused a number of individual miners and mining operators to shut down their units and, in some cases, sell the units at extremely low prices.