Publicly traded Bitcoin (BTC) mining company Argo Blockchain has increased its daily production of BTC despite a significant increase in network difficulty.
During February, Argo mined 162 Bitcoin or BTC equivalents, which translates to 5.7 BTC per day, which the firm Announced in an operational update on March 7.
Argo’s daily Bitcoin production rate for February increased 7% from the 5.4 BTC per day produced in January, despite a 10% monthly increase in average network difficulty.
Bitcoin mining difficulty is a measure that defines how difficult it is to mine a BTC block. Higher difficulty requires more hash rate or additional computing power to verify transactions and mine new coins.
According According to data from Blockchain.com, the difficulty of the BTC network increased to new all-time highs in February, reaching a difficulty rate of 43 trillion on February 25.
The news comes amid the industry anticipating the next Bitcoin difficulty adjustment which is expected to occur on March 10. According According to data from BTC.com, the next difficulty is estimated to reach 43.4 trillion.
Related: Argo Blockchain Accused of Misleading Investors in Class Action Lawsuit
As previously reported, 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 facilities of Galaxy, Argo saw its BTC production drop after the sale. Months before the transaction, Argo’s monthly BTC mining generated more than 200 BTC.
Argo is not the only mining company that appears to be unaffected by the BTC difficulty spike in February, with other miners including Cipher Mining. producer 16% more than Bitcoin during January. Digital marathon too increase its average daily Bitcoin produced by 10% compared to January.
