Argo Blockchain Records High Bitcoin Production and Revenue in February 2023
World-leading cryptocurrency miner Argo Blockchain recorded increased Bitcoin production despite the increase in network difficulties.
On March 7, the company released its February 2023 operating update, which revealed the remarkable monthly performance. In addition to high Bitcoin production last month, Argo Blockchain (NASDAQ: ARBK ) also saw its revenue rise during the same period.
Argo Blockchain Sees High Bitcoin Production Despite Network Difficulties
According to the press release, the crypto mining company mined 5.7 BTC daily, 162 Bitcoin or Bitcoin Equivalents in February. Last month’s Bitcoin production represented a 7% increase over January’s record when Argo produced 5.4 BTC per day. While the company’s productivity level increased, so did network problems. However, Argo ended February with increased Bitcoin production amid average network difficulty of 10% in the month compared to January 2023.
After a month of remarkable Bitcoin production for Argo Blockchain, the company had 101 Bitcoin or Bitcoin equivalents as of February 28, 2023. It also revealed that its total hash rate capacity is still 2.5 EH/s. In terms of earnings, the crypto miner exceeded the previous month’s record. Based on daily exchange rates and crypto prices, mining revenue in February was $3.74 million [£3.09 million]. Meanwhile, earnings as of January 2023 were $3.42 million [£2.80 million].
The impressive Bitcoin production and earnings for 2-23 In February, Argo Blockchain’s CEO, Seif El-Bakly, praised the team. He wrote in the press release:
“I am proud of the team for increasing our average daily Bitcoin production despite the increase in average network difficulty in February compared to January. This is a testament to the hard work put in by our technology and operations teams. We continue to focus on strengthening our internal business processes and strive for operational excellence.”
Argos’ trial
Coinspeaker reported Argo’s lawsuit in January, noting that the miners’ investors filed a class action lawsuit. The investors said in the lawsuit that the company misled them by not providing detailed disclosures about factors that could affect its operational capabilities. The investors noted that Argo Blockchain was not transparent about the negative effects of network challenges, power costs and capital constraints. The archive reads:
“The offering documents were prepared negligently and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements not misleading.”
According to the complaints, “investors would not have purchased or otherwise acquired said securities, or would not have purchased or otherwise acquired them at the high prices paid” if they knew “the truth.”
Argo-Blockchain is a dual-listed company with listings in both London and the US. In addition to trading on the London Stock Exchange, the miner filed for an IPO with the US Securities and Exchange Commission (SEC) in September 2021.
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