It's not an argument, just mathematics and physics (you'd have to do the numbers yourself though I haven't checked the relative hashpower for 6+ years)
Discussion
In my world, an argument is just [premise + facts/reasoning -> conclusion], which can comprise math and physics. It's possible the Monero people have a responsive argument that also invokes math and physics.
I always think of the 1(b) definition, but perhaps most people think of 1(c) when they hear that word. 
It's surprising how many people conflate insults with arguments on here