Argo Blockchain, a leading Bitcoin mining company, has shared some interesting news regarding its March 2024 activities. According to the report, Argo has succeeded. mined That’s 103 Bitcoins for the month, or about 3.3 Bitcoins every day.
Notably, this achievement came amid a 4% increase in average mining difficulty in March compared to the previous month.
Argo Blockchain Reveals Latest Information on Cryptocurrency Mining
Beyond Bitcoin Production, Argo Blockchain sold One of those facilities, Mirabel, moved its mining equipment to another location in Baie Comeau, Quebec. The transition was smooth, and the relocated machines were successfully deployed and up and running in their new spots by the end of March.
Additionally, Argo recorded a significant increase in revenue. According to the latest information, the company’s March mining revenue soared to his $7 million, representing an astonishing 55% increase from the previous month’s revenue of $4.5 million. Argo held digital assets worth 26 Bitcoins at the end of March.
Argo CEO Thomas Tsipas said he was satisfied with the company’s performance despite the increase in average mining difficulty and the hurdles of relocating mining equipment to Baie Comeau.
Chiapas revealed that Argo Blockchain will continue to streamline its operations to ensure continued success and efficiency gains in the lead-up to the upcoming Bitcoin halving.
Mining difficulty soars as Bitcoin price soars
The difficulty of mining the Bitcoin network has increased over the past few weeks. On February 16th, the mining difficulty exceeded 80 trillion. This may be due to increased mining activity ahead of the upcoming halving. Additionally, many miners have stepped up efforts to take advantage of Bitcoin’s surge in value.
As a result, the hash rate, a metric that measures the total computational power of a miner, reached 562.81 EH/S (Exahash per second). As a result, the mining difficulty skyrocketed to 81.73 trillion. BTC.com.
Mining difficulty continues to rise. According to CoinWarz data, the mining difficulty as of April 5th was 83.13 trillion, indicating that there has been no significant change in the past 24 hours. However, network difficulty has increased by 4.76% in the past 30 days and nearly 14% in the past 90 days. The network hash rate is currently 607.50 EH/sec.
The Bitcoin network has seen a steady increase in mining difficulty since January 2023. Experts expect this to continue in the coming months and reach 100 trillion. In particular, increasing mining difficulty means Bitcoin miners need more computing power to solve mathematical puzzles and find new blocks.
There are only a few days left until next half-life, miners expect their rewards to be reduced from 6.25 BTC to 3.125 BTC. This reduction in block rewards could lead to a decline in hashrate, as some miners who are unable to continue living due to reduced profits may be forced to pack up.
This reduction in hash rate requires the network to adjust the mining difficulty to a lower degree to match the traditional 10-minute block generation.
Meanwhile, Bitcoin was trading at $66,707, down 0.76% in 24 hours. This means Bitcoin is down more than 10% from its all-time high of $73,750.
