Argo Blockchain Continues To Increase Bitcoin Mining, Outpacing Difficulty Growth
The cryptocurrency market remains in the bearish zone even after several months. In the last week, major coins such as Bitcoin and Ethereum have seen a decline; for now, it is impossible to determine the outcome in the near future.
But some companies are still thriving amidst the current state of the market. A notable example is Argo, a popular UK-based Bitcoin miner. Argo Blockchain is one of the leading cryptocurrency mining companies in North America and Europe.
Argo Increases Bitcoin Production
On Tuesday Argo announced an increase in your Bitcoin production despite increased difficulty when it comes to mining the coin. The company reported producing 162 BTC in February, up 7% daily from the previous month.
According to Argo, this increase in production is a result of the company’s efforts to streamline its mining operations and improve efficiency. Argo powers its mining facilities with renewable energy, enabling the company to reduce its carbon footprint and achieve sustainable growth.
The news of Argo’s increased production comes as the BTC market is experiencing a price drop, with the cryptocurrency currently trading at $22,352, as per data from tradingview.com.
Bitcoin mining data
BTC mining difficulty refers to the time or measure required to create a single block. The higher the difficulty, the more computing power or hash rate is needed to validate transactions and generate new tokens.
Former Bitcoinist revealed that Bitcoin mining difficulty has increased, especially in February 2023. Based on the report, February marked a new all-time high for BTC mining difficulty above 43 terhases per second.
But the industry is doing enough to get the situation under control, and in the face of this, it is creating a BTC difficulty adjustment system, which will be implemented on March 10, 2023. This move is necessary to stop the anticipated next difficulty rate figure . of 43.4 TH/s, according to to Bitcoin.com data.
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Furthermore, companies other than Argo are also thriving in the heat of Bitcoin’s increased mining difficulty rate. Some examples are Marathon Digital and Cipher Mining. According to a report, Marathon Digital has seen its BTC production outbreak about 10% in February. Cipher Mining’s Bitcoin production also increased 16% compared to January production.
Despite the challenges posed by the increasing difficulty of mining Bitcoin, the success of Argo and the aforementioned companies reveals the resilience and ability of companies to adapt and innovate in the face of changing market conditions.
Meanwhile, as the cryptocurrency market continues to evolve, Argo looks well positioned to remain an important player in the mining industry, contributing to the growth of the broader crypto ecosystem.
Featured image from Pixabay and chart from Tradingview.com