London-listed cryptocurrency miner Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) mined 162 bitcoin or bitcoin equivalents (together, BTC) in February, resulting in a 7% daily increase compared to December 2022.
Argo was able to achieve this increase in daily BTC production despite a 10% increase in average network difficulty in February compared to the prior month.
As of 28 February 2023, the company held 101 bitcoin or bitcoin equivalents.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to US$3.76mln (?3.09mln) compared to US$3.42mln (?2.8mln) in January.
Argo’s hashrate (meaning the combined computing power dedicated to crypto mining activities) continues to be 5.3 exohashes per second.
Argo’s interim chief executive, Seif El-Bakly, said: “I’m proud of the team for increasing our average daily bitcoin production despite the increase in average network difficulty in February when compared to January.
“This is a testament to the hard work put in by our technology and operations teams. We continue to focus on strengthening our internal business processes and striving for operational excellence.”
Argo’s share price has seen a strong recovery in 2023, adding over 80% to 13.25p year to date.