Argo Blockchain, a major player in the Bitcoin mining space, has shared some exciting news about its March 2024 event.Argo reportedly succeeded mined 103 Bitcoins that month, equivalent to about 3.3 Bitcoins per day.
It is worth noting that this achievement was achieved despite the average mining difficulty in March rising by 4% from the previous month.
Argo Blockchain releases cryptocurrency mining update
Beyond Bitcoin Production, Argo Blockchain Sell Mirabel, one of its facilities, and moved its mining equipment to another site in Baie Comeau, Quebec. The transition went smoothly and the relocated machines were successfully deployed and started operating at the new location at the end of March.
Additionally, Argo’s revenue has grown significantly. According to the latest news, the company’s mining revenue jumped to $7 million in March, a 55% increase from the $4.5 million revenue last month. As of the end of March, Argo held the equivalent of 26 Bitcoins in the digital asset.
Argo CEO Thomas Chippas said he was satisfied with the company’s performance despite an increase in average mining difficulty and obstacles in relocating mining equipment to Baie Comeau.
Chiapas has revealed that Argo Blockchain will continue to streamline its operations to ensure continued success and efficiency ahead of the upcoming Bitcoin halving.
Bitcoin price surge causes mining difficulty to soar
Mining difficulty on the Bitcoin network has been high over the past few weeks. On February 16, 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 their efforts to capitalize on Bitcoin’s soaring value.
As a result, the hash rate (a measure of the total computing power of miners) reached 562.81 EH/S (exahashes per second). According to statistics, the mining difficulty has soared to 81.73 trillion. Bitcoin Network.
Mining difficulty continues to rise.According to CoinWarz dataAs of April 5, the mining difficulty was 83.13 trillion, indicating no significant changes in the last 24 hours. However, network difficulty has increased by 4.76% in the past 30 days and has surged by nearly 14% in the past 90 days.The current network hash rate is 607.50 EH/sec.
Since January 2023, the mining difficulty of the Bitcoin network has steadily increased. Experts expect this to continue in the coming months and reach 100 trillion. It’s worth noting that an increase in 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 school starts Next halving, miners expect rewards to be cut from 6.25 BTC to 3.125 BTC. The reduction in block rewards may lead to a decrease in computing power, as some miners unable to make ends meet due to reduced profits may be forced to pack up.
This reduced hashrate will force the network to adjust mining difficulty to a smaller degree to meet its traditional 10-minute block production.
Meanwhile, Bitcoin is trading at $66,707, with the price down 0.76% in 24 hours. This means Bitcoin is down more than 10% from its all-time high of $73,750.
