Argo’s daily Bitcoin production rose 7% in February despite increased network difficulties
Bitcoin (BTC) miner Argo said it mined 162 BTC or equivalent in February, equivalent to 5.7 BTC per day, according to an operational update on March 7.
The firm stated that its daily BTC production increased 7% to 5.7 BTC per day from a daily 5.4 BTC recorded in January.
Argo added that they achieved this milestone despite a 10% increase in average network difficulty.
CryptoSlate’s Insight reported that Bitcoin mining difficulty rose to a new all-time high of over 180T. The report highlighted the exponential growth rate of BTC hash rate over the past two years.
Bitcoin mining difficulty is a metric used to determine how difficult it is to mine a BTC block. Higher difficulty means a more secure blockchain as it takes more energy to attempt to attack the network.
Argo’s revenue rises to $3.76 million
Argo Blockchain said mining revenue rose to $3.76 million in February from the $3.42 million it earned in January.
The firm added that the amount was based on daily exchange rates and cryptocurrency prices. During the month, BTC mostly traded between $23,000 and $25,000.
Argo’s CEO, Seif El-Bakly, said the increased BTC productions and revenues were “a testament to the hard work put in by our technology and operations teams.”
Meanwhile, Argo said its total hash rate capacity was 2.5 EH/s. It added that it had 101 Bitcoin or its equivalent as of February 28.
Other miners are recording increased production
Argo Blockchain is not the only miner to have recorded increased BTC production in February.
Marathon Digital said daily BTC production rose 10% in February, producing 683 BTC. The firm added that the hashrate increased by 30% to 9.5 exahashes.
Meanwhile, Bitcoin outperformed 20 out of 25 stocks belonging to public mining companies in February.
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