Bitcoin mining company Argo Blockchain states it mined a lot more than 900 BTC in Q1 2020 smashing its earlier record occur Q4 2019. The business says it plans to keep the expansion of its functions regardless of the coming halving event that will start to see the halving of the network’s mining prize. On the other hand, Argo Smashes Company’s Quarterly Bitcoin Mining Report.
Bitcoin Mining Record
In a newsletter distributed to private investors on Mon (April 6, 2020), Argo Blockchain PLC uncovered that its Bitcoin mining activity for Q1 2020 amounted to 918 BTC. This body comprises 246.7 BTC mined in January and 337.5 BTC and 333.8 BTC mined in February and March respectively.
In accordance with Argo’s newsletter, With regards to revenue, 67 million with near half of that figure via February 2020 alone.
An excerpt from the company’s newsletter reads:
“Predicated on daily forex rates and cryptocurrency prices through the month, ”
Within the newsletter, the business also revealed that the existing COVID-19 pandemic have not significantly impacted its operations with management staff working remotely and its own Bitcoin mining farms running well.
Hash Rate Recovers
As Halving Looms. Argo’s intend to upscale its hash rate capabilities comes because the Bitcoin network hash rate is apparently dealing with its recent slump. Data from Blockchain.com implies that the computing power expended to secure the network has risen by 10% during the last two weeks.
This hash rate increase comes carrying out a 16% downward difficulty adjustment necessitated by way of a 40% hash rate plunge. It seems the downward overview of the network difficulty has introduced some stability in to the Bitcoin mining ecosystem.
Indeed, saying: “Mining conditions were harder in March as algorithmic difficulty increased early in the month,
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