Bitcoin mining company Argo Blockchain has boosted its daily production of BTC even though network difficulty for mining Bitcoin has grown significantly, the production rate in February surged about 7%.
Argo mined a total of 162 Bitcoin or BTC equivalents in February, which equates to 5.7 BTC per day, the company reported in an operational update on March 7.
Despite a 10% month-over-month rise in the average network difficulty, Argo’s daily Bitcoin production rate in February increased by 7% from the 5.4 BTC per day produced in January.
A measure of the difficulty of mining a Bitcoin block, the hash rate, or the amount of computing power needed to verify transactions and create new coins, is called the mining difficulty.
Blockchain.com data shows that the BTC network difficulty has been rising to new all-time highs in February, peaking at 43 trillion on February 25.
The announcement comes as the market prepares for the upcoming Bitcoin difficulty adjustment, which is anticipated to take place on March 10. The expected value of the next difficulty, according to data from BTC.com, is 43.4 trillion.
As was previously reported, in the midst of the challenging 2022 cryptocurrency market, Argo Blockchain sold its primary mining facility Helios to Mike Novogratz’s cryptocurrency investment company Galaxy Digital.
Even though Argo continued to mine using Galaxy’s equipment, it appears that after the sale, its BTC output slightly decreased. Argo mined more than 200 BTC per month for several months prior to the transaction.
With other miners like Cipher Mining producing 16% more Bitcoin in February compared to January, Argo is not the only mining company that doesn’t appear to be impacted by the increase in BTC difficulty in February. Marathon Digital also boosted the amount of Bitcoin they produce on average each day by 10% from January.
