Categories: Bitcoin Latest News

Crypto Miner Argo’s Monthly Sales, Bitcoin Output Fell on Higher Difficulty, Winter Storm

Argo Blockchain’s mining margin in February narrowed from the previous month.Read MoreFeedzy

Crypto miner Argo Blockchain’s (ARB) February revenue and bitcoin production fell from the previous month as Bitcoin network difficulty increased and a winter storm hampered data-center activity.

Revenue fell about 21% from January to $5.58 million, while bitcoin-equivalent mined fell 22% to 135, according to a statement.

The lower production resulted from a higher global network hashrate that led to an increase in network difficulty as well as curtailments of operations at its facilities in Quebec and North Dakota due to bad weather.

“During February, we have experienced exceptional weather conditions and are hopeful that these are behind us,” CEO Peter Wall said.

Argo, one of the few publicly traded miners that provides revenue and margin numbers with monthly production updates, also said its mining margin narrowed to 71% from 74% in January.

On March 3, privately held miner Gem Mining, also said that its bitcoin production fell in February due to the increase in global hashrate and the impact of curtailing operations to support community needs for extra power.

Argo shares fell about 1% in London on Monday, while bitcoin was slightly higher.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Recent Posts

Le Bitcoin va atteindre 140 000 $, selon trois IA gérant un fonds d’investissement de 30 millions de dollars

Intelligent Alpha construit des portefeuilles en s'appuyant sur des choix d'investissement basés sur l'IA. L’entreprise…

46 minutes ago

Bitcoin Price Pauses Under $100K: Bulls Eye the Milestone

Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach…

2 hours ago

Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation?

Bitcoin has surged past the $99,800 mark, setting a new all-time high as it inches…

4 hours ago

Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?

The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark,…

18 hours ago

Bitcoin Rally Benefits From US Buyers – Coinbase Premium Gap Reveals Strong Demand

Bitcoin has surged past the $99,800 mark, setting another all-time high as it inches closer…

21 hours ago

Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance

Despite heightened expectations for the Bitcoin price to hit the $100,000 milestone, a crypto analyst…

1 day ago