Publicly traded Bitcoin (BTC) mining company Argo Blockchain has increased its daily production of BTC despite a significant spike in network difficulty.
During the month of FebruaryArgo mined 162 bitcoins 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 for February was up 7% from the 5.4 BTC daily produced in January, despite a 10% MoM increase in average network difficulty.
Bitcoin mining difficulty is a measure that defines how difficult it is to mine a block of BTC. Higher difficulty requires a higher hash rate or additional computing power to verify transactions and mine new coins.
According to data from Blockchain.com, the difficulty of the BTC network skyrocketed to new all-time highs in February, reaching a difficulty index of 43 trillion on February 25.
The news comes amid industry anticipation for Bitcoin’s next difficulty adjustment, scheduled for March 10. According to data from BTC.com, the next difficulty is estimated to reach 43.4 trillion.
As we told you before, Argo Blockchain sold its flagship mining facility Helios to Mike Novogratz’s cryptocurrency investment firm Galaxy Digital in the midst of the difficult cryptocurrency market of 2022. Despite continuing to mine using the Galaxy facility, Argo saw its BTC production drop following the sale. Months prior to the transaction, Argo’s monthly BTC mining was generating over 200 BTC.
Argo is not the only mining company that appears to have been unaffected by the BTC difficulty spike in February, as other miners such as Cipher Mining produced 16% more Bitcoin than in January. Marathon Digital also increased its average daily Bitcoin production by 10% compared to January.
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