Argo Blockchain, a global leader in cryptocurrency mining, has announced its operational update for February 2023. The company was able to mine 162 Bitcoin or Bitcoin Equivalents, which is an increase of 7% over the previous month. This translates to 5.7 BTC per day, which is a significant increase over the 5.4 BTC per day produced in January 2023. This increase is noteworthy given that the average network difficulty increased by 10% in February compared to January.
As of February 28th, 2023, Argo held 101 Bitcoin or Bitcoin Equivalents, and its total hashrate capacity remained at 2.5 EH/s. The company’s mining revenue in February was $3.76 million (£3.09 million), an increase over the $3.42 million (£2.80 million) revenue generated in January.
Argo’s Interim CEO, Seif El-Bakly, expressed his pride in the team for increasing the daily production of Bitcoin despite the increase in network difficulty. The CEO stated that this achievement was a testament to the hard work put in by the technology and operations teams, and the company will continue to focus on strengthening internal business processes and striving for operational excellence.
Argo Blockchain plc is a dual-listed blockchain technology company focused on large-scale cryptocurrency mining. The company has mining facilities in Quebec and Texas, and offices in the US, Canada, and the UK. Argo’s global operations are predominantly powered by renewable energy, and the company became the first climate positive cryptocurrency mining company in 2021. Argo also participates in several Web 3.0, DeFi, and GameFi projects through its Argo Labs division.
In conclusion, Argo Blockchain has recorded a successful February with an increase in Bitcoin production and mining revenue. The company’s commitment to sustainability through the use of renewable energy is noteworthy and underscores its dedication to achieving operational excellence.
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