Argo, one of the leading companies in cryptocurrency mining, has announced that it increased its bitcoin production last month despite a network outage. Companies worldwide are now focusing on their crypto-mining infrastructure to enhance productivity and sustainability.
In the report, Argo highlighted that the company witnessed a surge in bitcoin production, producing 5.7 BTC every day, or 162 Bitcoin or Bitcoin Equivalents (collectively, BTC). This shows a 7% increase from the 5.4 BTC produced daily in January 2023.
The company’s hash rate during the mining was 2.5 E.H/s. Hashrate measures how many calculations can be performed in a second, additionally, the higher the hashrate a company has the more it is protected from data breaches and security issues.
To increase production and security, a crypto mining company needs to invest in its hash rate-related infrastructure. In December, Argo sold its top mining company to Mike Novogratz’s mining company due to a loan issue. According to reports, the company has faced high network issues with a difficulty rate of 43 trillion.
There are various hidden factors in the surge of production of the company like geographical location. Argo company’s production is located in North America where electricity is available at cheap rates. The region is also famous for renewable energy resources.
Compared to other crypto miners such as Riot Blockchain Inc., Argo falls far behind in hash rate capacity. In the end, hashrate measures become crucial for the crypto industry, and every firm must focus on it if they want to stand out in this industry. Despite a 10% increase in the network difficulty rate, Argo’s ability to increase its production is commendable and serves as an example for other firms.
