Argo’s daily Bitcoin production rate in February rose 7% despite a 10% month-over-month increase in average network problems.
Publicly listed Bitcoin
Mining company Argo Blockchain has increased its daily BTC production despite a significant increase in network problems.
During February, Argo mined 162 Bitcoin or BTC equivalents, which translates to 5.7 BTC per day, the company announced in an operational update on March 7.
Argo’s daily Bitcoin production rate in February rose 7% from 5.4 BTC per day produced in January, despite a 10% month-over-month increase in average network problems.
Bitcoin mining difficulty is a measure that defines how difficult it is to mine a BTC block. A higher difficulty level requires more hash rate or additional computing power to verify transactions and mine new coins.
According to data from Blockchain.com, BTC network difficulty rose to new all-time highs in February, reaching a difficulty level of 43 trillion on February 25.
The news comes amid industry anticipation that the next Bitcoin difficulty adjustment is expected to take place on March 10. According to BTC.com data, the next difficulty level is estimated to be reached at 43.4 trillion.
Related: Argo Blockchain Accused of Misleading Investors in Class Action Lawsuit
As previously reported, Argo Blockchain sold its main Helios mining facility to Mike Novogratz’s crypto investment firm Galaxy Digital amid the troubled crypto market of 2022. Despite continuing to mine using Galaxy’s facility, Argo has its BTC production seen after the sale . Months before the deal, Argo’s monthly BTC mining generated more than 200 BTC.
Argo is not the only mining company that seems to be unaffected by February’s BTC slowdown, with other miners such as Cipher Mining producing 16% more Bitcoin during January. Marathon Digital also increased its average daily Bitcoin production by 10% compared to January.
On the other hand, Hut 8 mining company saw its daily Bitcoin production rate drop from 6 BTC in January to 5.6 BTC in February.