Publicly-listed Bitcoin mining firm Argo Blockchain has defied the odds by increasing its daily BTC production in February despite a significant spike in network difficulty.
Despite a 10% increase in average network difficulty, Argo was able to mine 162 Bitcoin or BTC equivalents in February, which translates to 5.7 BTC per day. This is a 7% increase from the 5.4 BTC per day produced in January.
Bitcoin mining difficulty measures how difficult it is to mine a BTC block, with a higher difficulty requiring more hash rate or additional computing power to verify transactions and mine new coins.
In February, BTC network difficulty surged to new all-time highs, hitting a difficulty rate of 43 trillion on Feb. 25. The next Bitcoin difficulty adjustment is expected to occur on March 10, with an estimated difficulty rate of 43.4 trillion.
Argo Blockchain had 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. However, the recent increase in daily BTC production is a positive sign for the company.
Argo is not the only mining firm to have experienced an increase in Bitcoin production despite the BTC difficulty spike in February.
Cipher Mining produced 16% more Bitcoin over January, while Marathon Digital increased its average daily Bitcoin produced by 10% compared to January.
