Argo’s daily bitcoin production rose 7% in February despite the network’s increased difficulty

Bitcoin (BTC) miner Argo said it mined 162 BTC or their equivalents in February, which equates to 5.7 BTC per day, according to a March 7 operational update.

The firm said its daily BTC production increased by 7% to 5.7 BTC per day from the daily 5.4 BTC recorded in January.

Argo added that it achieved this milestone despite a 10% increase in the network’s average difficulty.

CryptoSlate’s Insight reported that Bitcoin mining difficulty rose to a new all-time high of over 180T. The report highlights the exponential growth rate of BTC’s hashrate 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 becomes more energy intensive to attempt to attack the network.

Argo’s revenue rises to $3.76 million

Argo Blockchain said its mining revenue increased to $3.76 million in February from the $3.42 million it made in January.

The firm added that the amount is based on daily exchange rates and cryptocurrency prices. During the month, BTC mostly traded between $23,000 and $25,000.

Argo CEO Seif El-Bakley, said BTC’s increased production and revenue was “a testament to the hard work put in by our technology and operations teams.”

Meanwhile, Argo said its total hashrate capacity is 2.5 EH/s. He added that he owned 101 bitcoins or their equivalents as of February 28.

Other miners are reporting increased production

Argo Blockchain is not the only miner to register increased BTC production in February.

Digital marathon said its daily BTC production grew by 10% in February, producing 683 BTC. The firm added that its hashrate has increased by 30% to 9.5 exahashes.

Meanwhile, bitcoin outperformed 20 out of 25 stocks belonging to public mining companies in February.

Posted in: Bitcoin, Mine

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