Argo Blockchain Continues to Increase Bitcoin Mining, Outpace Difficulty Growth
The crypto market remains in the bear zone, even after several months. In the past week, major coins such as Bitcoin and Ethereum have seen a decline; to now it is impossible to determine the outcome in the near future.
But some firms are still thriving amid the current state of the market. A notable example is Argo, a popular UK-based Bitcoin mining company. Argo Blockchain is one of the leading cryptocurrency mining companies in North America and Europe.
Argo Increases Bitcoin Production
On Tuesday, Argo announced an increase in Bitcoin production despite the increased difficulty in mining the coin. The company reported producing 162 BTC in February, a 7% daily increase from the previous month.
According to Argo, this increase in production is the result of the company’s efforts to optimize mining operations and improve efficiency. Argo operates its mining facilities through renewable energy, enabling the company to reduce its carbon footprint and achieve sustainable growth.
The news of Argo’s increased production comes as the BTC market is experiencing a price decline, with the cryptocurrency currently trading at $22,352, according to data from Tradingview.com.
Bitcoin mining data
The difficulty of mining BTC refers to the time or effort required to create a single block. The higher the difficulty, the more computing power or hash rate is needed to validate transactions and generate new tokens.
Bitcoinist in the past revealed that the difficulty of mining Bitcoin has increased, especially in February 2023. Based on the report, February marked a new all-time high of BTC mining difficulty over 43 terahas per second.
But the industry is doing enough to control the situation, and in light of this, it is creating a BTC difficulty adjustment system, which it will implement on March 10, 2023. This move is necessary to stop the expected figure of the next difficulty of 43.4 TH/s , according to data from Bitcoin.com.
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Additionally, other firms apart from Argo are also thriving in the heat of the rise in Bitcoin mining difficulty. A few examples are Marathon Digital and Cipher Mining. According to a report, Marathon Digital saw its BTC production wave by around 10% in February. Cipher Mining’s Bitcoin production has too increased by 16% compared to production in January.
Despite the challenges associated with the increasing difficulty of mining Bitcoin, Argo’s success and the success of the firms mentioned above reveal the companies’ resilience and ability to adapt and innovate in the face of changing market conditions.
Meanwhile, as the cryptocurrency market continues to evolve, Argo looks well positioned to remain a significant player in the mining industry, contributing to the growth of the broader crypto ecosystem.
Featured image from Pixabay and chart from Tradingview.com
