Publicly-listed Bitcoin mining company, Argo Blockchain, has announced a significant increase in daily BTC production despite a sharp spike in network difficulty.
In February, Argo mined a total of 162 Bitcoin or BTC equivalents, averaging 5.7 BTC per day. This marks a 7% increase from the 5.4 BTC produced per day in January, despite a 10% month-over-month increase in average network difficulty.
Bitcoin mining difficulty is a measure of how difficult it is to mine a BTC block, requiring more hash rate or additional computing power to verify transactions and mine new coins.
According to data from Blockchain.com, the BTC network difficulty surged to new all-time highs in February, hitting a difficulty rate of 43 trillion on Feb. 25.
This news comes ahead of the anticipated Bitcoin difficulty adjustment expected to occur on March 10. Data from BTC.com estimates that the next difficulty will reach 43.4 trillion.
Argo Blockchain recently sold its flagship mining facility, Helios, to Mike Novogratz’s crypto investment firm Galaxy Digital amid the tough crypto market of 2022. Despite continuing to mine using Galaxy’s facility, 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 firm unaffected by the BTC difficulty spike in February, as other miners like Cipher Mining produced 16% more Bitcoin over January. Marathon Digital also increased its average daily Bitcoin produced by 10% compared to January.
