Argo
Blockchain (NASDAQ:ARBK, LSE:ARB), a publicly-listed crypto mining firm,
published its February operational update on Tuesday, showing a 7% higher daily
Bitcoin (BTC) production than a month before. However, due to the shorter
month, the overall number of mined tokens was modestly lower and came in at 162
BTC compared to 168 BTC in January.
According
to Argo statement published on London Stock Exchange, the company was able to
boost its average daily production despite the visible growth of Bitcoin network
difficulty during the last month, which rose by 10%.
Mining
revenue for February totaled $3.76 million, determined by the daily
fluctuations in foreign exchange rates and cryptocurrency prices throughout the
month. Compared to $3.42 million in January, it translated to 9,94% monthly
growth.
“I’m proud of the team for increasing our
average daily Bitcoin production despite the increase in average network
difficulty in February when compared to January. This is a testament to the
hard work put in by our technology and operations teams. We continue to focus
on strengthening our internal business processes and striving for operational
excellence,” Seif El-Bakly, the Interim CEO of Argo, commented.
At the end
of February, the company held 101 Bitcoin or ‘Bitcoin Equivalents’ and its
total hashrate was 2.5 EH/s.
Argo Starts 2023 on
Stronger Foot
Argo’s
results for January and February…
