Argo Blockchain CEO Starts Receiving Salary in Bitcoin

Fiat equivalent of his salary will be converted into Bitcoin at a daily market rate.

London-listed Argo Blockchain (LON: ARB), a crypto mining company, announced that its Chief Executive Officer, Peter Wall, will receive his salary in Bitcoin from March 1, 2021.

According to Wednesday’s filing with the London Stock Exchange (LSE), the mining company has made provision for any of its employees to opt-in for receiving their salaries in Bitcoin

Argo will use the Toronto-based Satstreet exchange’s Bitcoin Savings service to convert the salaries from fiat to Bitcoin at a daily market rate.

“I’m also pleased to be the first publicly-traded company that we know of to have their CEO paid in Bitcoin,” Wall said in a statement.

This decision came when institutional adoption of Bitcoin is at its peak, and many corporates are adding Bitcoin to their balance sheet. Billionaire Elon Musk also vouched for salary payments in Bitcoin earlier.

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Ramping up Mining Operations

Moreover, the company provided its operational update for the month of February. The number of Bitcoins mined by the company went up to 129 BTC last month, from January’s 93 BTC.

The monthly revenue from Argo’s mining activities amounted to £4.34 million in February, compared to £2.48 million in the previous month. Additionally, the mining margin of the company skyrocketed to 81 percent.

Though mining companies need to quickly liquidate a major portion of the mined Bitcoins to get the operational costs, Argo is trying to save as many Bitcoins as it can. By the end of February, the company was holding 599 Bitcoins.

“I’m delighted that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81% is absolutely amazing, and we continue to add to our BTC HODL,” Wall added.

Argo’s Bitcoin production went up as the company is heavily investing in its mining infrastructure. It recently installed an additional 4,500 Bitmain Antminer S19 and S19 pro miners, which were procured from Celsius Network. Furthermore, the company revealed that it now has an SHA-256 mining capacity of 1075 Petahash, along with an additional 280 Megasols of equihash mining.

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