But certain firms are still thriving amid the current state of the market. A notable example is Argo, a popular UK-based Bitcoin mining company. 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 its Bitcoin production despite the increased difficulty when it comes to mining the coin. The company reported producing 162 BTC in February, a 7% daily increase from the previous month.
According to Argo, this increase in production results from the company’s efforts to optimize its mining operations and improve efficiency. Argo powers its mining facilities through renewable energy, which enables the company to reduce its carbon footprint and achieve sustainable growth.
The news of Argo’s increased production comes when the BTC market is experiencing a price decline, with the cryptocurrency currently trading at $22,352, as per data from Tradingview.com.
Data On Bitcoin Mining
The difficulty in mining BTC 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.
Bitcoinist previously revealed that the difficulty in mining Bitcoin has risen, especially in February 2023. Based on the report, February marked a new all-time high of BTC mining difficulty above 43 terahases per second.
But the industry is doing enough to control the situation, and in light of this, it is creating a BTC difficulty adjustment system, which it will deploy on March 10, 2023. This move is necessary to stop the anticipated figure of the next difficulty rate of 43.4 TH/s, according to data from Bitcoin.com.
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Furthermore, other firms, aside from Argo, are also thriving in the heat of the Bitcoin mining difficulty rate rise. A few examples are Marathon Digital and Cipher Mining. According to a report, Marathon Digital saw its BTC production surge by about 10% in February. Cipher Mining’s Bitcoin production has also increased by 16% compared to its production in January.
Despite the challenges posed by the increasing difficulty of mining Bitcoin, Argo’s success and that of the firms mentioned above reveals the companies’ resilience and ability 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 a significant player in the mining industry, contributing to the growth of the broader crypto ecosystem.
Featured image from Pixabay and chart from Tradingview.com
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