Argo Boosts Bitcoin Production Despite Challenging Network Difficulty
Argo Blockchain, a publicly traded Bitcoin mining company, has reported a significant increase in its daily production of BTC despite a notable surge in network difficulty. According to the operational update released on March 7th, Argo mined 162 BTC or BTC equivalents in February, translating to a daily output of 5.7 BTC.
This is a remarkable achievement considering the fact that the BTC network difficulty reached an all-time high in February, according to Blockchain.com’s data. The mining difficulty measures the difficulty level in mining a BTC block, and higher difficulty requires more computing power or hash rate to verify transactions and generate new coins.
Despite a 10% month-over-month rise in average network difficulty, Argo Blockchain managed to increase its daily production rate of Bitcoin in February by 7% compared to January, where the firm produced 5.4 BTC per day.
This news is a significant boost for Argo Blockchain, which has been working hard to increase its mining capacity and efficiency. The company has been investing heavily in new mining equipment and has also been expanding its operations to new locations.
Argo Blockchain’s CEO, Peter Wall, expressed his delight at the company’s performance, saying, “We are thrilled to report another month of strong production growth despite the challenging market conditions. Our team has been working tirelessly to optimize our mining operations, and this is reflected in our increased daily production rate.”
The news is also a positive sign for the wider Bitcoin mining industry, which has been facing increasing competition and