Mar 07, 2023
Argo Blockchain Boosts Daily Bitcoin Production Despite Difficulty Spike
Despite a significant spike in network difficulty, publicly-listed Bitcoin (BTC) mining firm Argo Blockchain has managed to increase its daily BTC production rate. In an operational update issued on March 7, the firm announced that it had mined 162 Bitcoin or BTC equivalents in February, which translates to 5.7 BTC per day. This is a 7% increase from the 5.4 BTC per day produced in January.
Bitcoin mining difficulty is a measure that defines how hard it is to mine a BTC block. A higher difficulty requires more hash rate or additional computing power to verify transactions and mine new coins. Data from Blockchain.com shows that BTC network difficulty hit an all-time high of 43 trillion on Feb. 25. The next difficulty adjustment is estimated to reach 43.4 trillion on March 10.
Despite the difficulty spike, Argo Blockchain was not the only mining firm to increase its daily Bitcoin production rate. Cipher Mining produced 16% more Bitcoin over January, while Marathon Digital increased its average daily Bitcoin output by 10% compared to January.
Argo Blockchain’s success in the face of increasing difficulty is even more impressive when considering its sale of its flagship mining facility Helios to Mike Novogratz’s crypto investment firm Galaxy Digital in 2022. Although Argo continues to mine using Galaxy’s facility, its BTC production dropped after the sale. Prior to the transaction, Argo’s monthly BTC mining generated more than 200 BTC.
The firm’s success in the face of increasing difficulty is a testament to its expertise in the web3 space. Argo is a leader in NFT promotion, Twitter NFT marketing, and NFT marketing agency services, and has established itself as a top web3 agency for selling NFTs. With its ability to produce Bitcoin despite increasing difficulty, Argo is well-positioned to continue to be a major player in the cryptocurrency space.
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