July 3, 2019 – Bitcoin mining operator Argo Blockchain reveals increasing profits in their latest reports released yesterday.
Recognizing the increase in Bitcoin price as a key reason for revenue, the company is expecting to have generated 161 bitcoin as of June 30, 2019. Argo considers this data to reveal that they are “one of the most efficient miners in the market,” reports CoinTelegraph.
Argo is installing new mining gear at its Quebec facilities and also note that it will receive 2,500 additional machines by the end of Q3 2019. CEO Mike Edwards said their better-than-expected mining performance is a reflection of improving industry conditions and their company’s business strategy. Because of that, they are able to take advantage of increasing Bitcoin prices.
Recently, data shows that Bitcoin mining has become more competitive than ever. Data from blockchain.com reveals that mining difficulty has hit 7.86 trillion. This is a new record surpassing what was reached last October 2018. Hash rate is down and around 56 quintillion hashes per second.
William Suberg from CoinTelegraph said:
“It is network metrics such as these which instill confidence in analysts and markets alike. The 2019 Bitcoin bull run followed a return to form for network stability after a period of regression in the last quarter of 2018.”
Not a lot of countries, however, are in favor of having Bitcoin mining operations in their territories. Last June 28, 2019, Iran has seized around 1,000 Bitcoin mining machines amidst reports of a power spike. Further research suggests that Bitcoin is gaining more attention in the country as a means of storing wealth.
This article is first published on BitPinas: One Bitcoin Mining Operator Reports Increasing Profits as Bitcoin Price Increases