Argo daily Bitcoin production rose 7% in Feb despite increased network difficulty Argo daily Bitcoin production rose 7% in Feb despite increased network difficulty
Several Bitcoin mining firms revealed that their BTC production rose in February despite Bitcoin mining difficulty rising to a new all-time high.
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Updated: Mar. 7, 2023 at 2:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) miner Argo said it mined 162 BTC or its equivalents in February, equating to 5.7 BTC per day, according to a March 7 operational update.
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 it achieved this milestone despite the 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 in 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 becomes more energy intensive to attempt to attack the network.
Argo’s revenue rise to $3.76 million
Argo Blockchain said its mining revenue rose to $3.76 million in February from the $3.42 million it made in January.
The firm added that the amount was based on daily foreign 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 revenue were “a testament to the hard work put in by our technology and operations teams.”
Meanwhile, Argo said its total hashrate capacity was 2.5 EH/s. It added that it held 101 Bitcoin or its equivalents as of Feb. 28.
Other miners record increased production
Argo Blockchain is not the only miner to record increased BTC production in February.
Marathon Digital said its daily BTC production rose 10% in February, producing 683 BTC. The firm added that its 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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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Argo Blockchain
Argo Blockchain is a cryptocurrency miner that uses renewable sources of power to support the growth and development of blockchain technologies.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
