The crypto market remains in the bearish zone, even after several months. Over the past week, major coins, such as Bitcoin and Ethereum, have seen declines; For now it is impossible to determine the outcome in the near future.
But some companies continue to thrive in the current state of the market. A notable example is Argo, a UK-based bitcoin mining company. Argo Blockchain is one of the leading cryptocurrency mining companies in North America and Europe.
Argo increases production of Bitcoin
Tuesday, Argo announcement an increase in its Bitcoin production despite the increased difficulty when it comes to mining the coin. The company said it produced 162 BTC in February, a daily increase of 7% from the previous month.
According to Argo, this increase in production is the result of the company’s efforts to optimize its mining operations and improve efficiency. Argo powers its mining facilities with renewable energy, enabling the company to reduce its carbon footprint and achieve sustainable growth.
News of Argo’s increased production comes as the BTC market is seeing a price drop, with the cryptocurrency currently trading at $22,352, according to data from Tradingview.com.
Bitcoin Mining Data
Difficulty in mining BTC refers to the time or extent required to create a single block. The higher the difficulty, the more computing power or hash rate it takes to validate transactions and generate new tokens.
Bitcoinist before revealed that Bitcoin mining difficulty has increased, especially in February 2023. According to the report, February marked a new all-time high for 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 roll out on March 10, 2023. This decision is necessary to stop the anticipated figure for the next difficulty rate. 43.4 TH/s, according to Bitcoin.com data.
Related Reading: Silvergate Halts Crypto Payments After Suffering $1 Billion Loss
Additionally, other companies aside from Argo are also thriving in the heat of the rising difficulty rate of Bitcoin mining. Some examples are Marathon Digital and Cipher Mining. According to a report, Marathon Digital saw its BTC production to go up around 10% in February. Cipher Mining’s bitcoin production has also increase 16% compared to its January production.
Despite the challenges posed by the increasing difficulty of Bitcoin mining, the success of Argo and that of the companies mentioned above reveals the resilience and ability of companies to adapt and innovate in the face of changing conditions. of the market.
Meanwhile, as the cryptocurrency market continues to evolve, Argo looks set to remain an important player in the mining industry, contributing to the growth of the broader crypto ecosystem.
Featured image from Pixabay and graphic from Tradingview.com
