Cryptocurrency mining company Argo Blockchain is reporting a boost in its daily Bitcoin production in spite of a considerable increase in network difficulty. Last month, Argo mined a total of 162 Bitcoin, or approximately 5.7 Bitcoin per day, which the company revealed in a March 7th business update.
Argo’s day-to-day production rate for the month of February climbed 7% up from the 5.4 Bitcoin per day mined during the month of January, overcoming a 10% rise in average Bitcoin network difficulty. Mining difficulty measures how difficult it is to mine a Bitcoin block. Higher difficulty will require additional hash rate, or computing power, in order to verify network transactions and mine coins.
According to information provided by Blockchain.com, Bitcoin network difficulty reached new all-time highs last month, striking a 43 trillion difficulty rate near the end of February. The new data comes as the industry awaits the next difficulty adjustment, which is expected to take place on March 10th. Data from BTC.com shows that the next difficulty is projected to climb to 43.4 trillion.
As earlier reported, Argo sold its leading mining facility to Galaxy Digital last year. Although Argo continued to mine using what was then Galaxy’s facility, the firm experienced a drop in production following the sale. During the months prior to the sale, Argo’s monthly mining efforts generated over 200 Bitcoin.
Argo Blockchain isn’t the only miner that seems to be immune to the last Bitcoin difficulty spike. Other mining firms such as Cipher Mining produced 16% more Bitcoin during the month of January. Marathon Digital was also able to increase its daily production by roughly 10% when compared to January’s data.