Argo Blockchain, a major player in Bitcoin mining, has shared some exciting news about its activities in March 2024. According to the report, Argo successfully mined 103 Bitcoins during the month, which translates to about 3.3 Bitcoins daily.
Notably, this achievement comes amid a 4% rise in average mining difficulty in March compared to the previous month.
Argo Blockchain Reveals Crypto Mining Update
Beyond its Bitcoin production, Argo Blockchain sold one of its facilities, Mirabel, and shifted its mining equipment to a different location in Baie Comeau, Quebec. This transition happened smoothly, with the relocated machines successfully deployed and starting to run at the new spot by the end of March.
In addition, Argo recorded a big boost in revenue. According to the update, the company’s mining revenue jumped to $7 million in March, representing a remarkable 55% increase from the previous month’s earnings of $4.5 million. Argo held digital assets equivalent to 26 Bitcoins as of the end of March.
Thomas Chippas, Argo’s CEO, expressed his satisfaction with the company’s performance despite the increase in average mining difficulty and the hurdle of relocating its mining equipment to Baie Comeau.
Chiapas revealed that Argo Blockchain would continue streamlining its operations to ensure continued success and increased efficiency ahead of the upcoming Bitcoin halving.
Mining Difficulty Skyrockets Amid Soaring Bitcoin Prices
The Bitcoin network’s mining difficulty has been high over the past few weeks. On February 16, mining difficulty exceeded 80 trillion. This could be attributed to the increased mining activities ahead of the upcoming halving. Moreover, many miners ramped up their endeavors to capitalize on Bitcoin’s surging value.
As a result, the hash rate, a metric that measures the total miners’ computational power, reached 562.81 EH/S (exahashes per second). Consequently, the mining difficulty skyrocketed to 81.73 trillion, according to data from BTC.com.
The rise in mining difficulty continues. According to CoinWarz data, the mining difficulty as of April 5 is 83.13 trillion, indicating no significant change in the last 24 hours. However, there’s been a 4.76% increase in the last 30 days and a nearly 14% surge in network difficulty in the last 90 days. The network hash rate is currently 607.50 EH/s.
The Bitcoin network has witnessed a steady increase in mining difficulty since January 2023. Experts anticipate this will continue over the next few months and reach 100 trillion. Notably, increasing mining difficulty means Bitcoin miners need more computational power to solve the mathematical puzzle and find new blocks.
With only a few days to the next halving, miners expect a cut in their rewards from 6.25 BTC to 3.125 BTC. This reduction in block rewards could translate to lower hash rates as some miners who can’t keep afloat due to reduced profits may be forced to pack up.
Such a reduced hash rate will force the network to adjust mining difficulty to lesser degrees to meet its traditional 10-minute block production.
Meanwhile, Bitcoin trades at $66,707, with a 24-hour price decrease of 0.76%. This means Bitcoin is over 10% down from its new all-time high of $73,750.
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