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What is Argo Block Chain and How Does It Work?

argo blockchain logo on blue iamge of skyscrapers in the metaverse
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Argo block chain, a global data centre headquartered in London, UK, has created a powerful platform for efficient cryptocurrency mining operations.

The company tags itself as providing a platform that powers some of the world’s blockchain technologies. 

Unlike other companies, Argo uses renewable energy sources to help blockchain technology's growth and development.

Despite competition from other crypto mining companies such as Marathon Digital Holding, Riot Blockchain, Hut 8 Mining Corporation, Bitmain, Canaan Inc., Bitfarms Limited, and Genesis Mining, among others, the company is responsible for about 1% of the global mining network hash rate of the largest digital asset by market capitalization Bitcoin (BTC).

It also provides around 5% of the global hash power for the mining of privacy cryptocurrency ZCash (ZEC).  

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Argo block chain saw a 3% spike in revenue during April

Revenue from mining BTC was £3.35 million during the year's fourth month. This was a 3% rise in revenues from March, which was roughly £3.28 million.

The increment came from BTC trading in the range of £21,743.58 and £24,904.02 during April while exchanging hands in the range of £15,765.91 and £23,421.52 throughout March. 

Overall, 144 BTC were mined, which was broken down to 4.8 BTC daily. While this was 8% below that of March (5.2 BTC daily), the aforementioned data explains why revenue went up despite a relatively lower number of mined BTC. 

The bearish mood engulfing the market has reduced the number of cryptocurrencies held by mining firms. Argo has not been exempted from the extension of crypto winter into 2023. As of the close of April 2023, 83 BTCs were held by the company.

What’s the latest on the mining company? 

According to the company’s operational update, there would be an increment in its hash rate. As of 30 April, the hash rate (this helps discover the mining difficulty and security) of a blockchain network) was 2.5 exahashes per second (EH/s). 

About 2,870 BlockMiner machines from Epic Blockchain Technologies are expected to be installed in the third quarter of the year.

This will add 0.3 exahashes per second to the hash rate capacity of the company, increasing the overall hash rate capacity to 2.8 EH/s (2.5 + 0.3).

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Author: Raphael Minter

Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.

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