Argo Blockchain employees to be paid in Bitcoin

The London-listed mining company Argo Blockchain announced that, from March 1, employees have the option to be paid in Bitcoin. The option has been taken up by CEO Peter Wall.

For those that opt-in, Argo will automatically convert salaries from fiat to Bitcoin at the daily market rate using the Toronto-based @Satstreet exchange using their “Bitcoin Savings” service.#ARB $ARBKF

3/

— Argo (@ArgoBlockchain) March 3, 2021

The initiative is being implemented with the support of the Toronto-based Bitcoin Savings service Satstreet. It will convert fiat to Bitcoin at the daily market rate.

Argo Blockchain also reported its operating results. For February the company mined 129 BTC, up from 93 in January. Monthly revenue for the last month rose from £2.48m to £4.34m (~$6m), with a mining margin of 81%.

Operational Update for February 2021:

— Mined 129 BTC or equiv in Feb
— Mining rev was £4.34m at a mining margin of 81%
— At month-end held 599 BTC or equiv.
— Total mining capacity: 1075 PH (SHA-256) + 280 M/S Equihash#ARB $ARBKF

— Argo (@ArgoBlockchain) March 3, 2021

As of early March, the mining company had 599 BTC in reserve. According to Wall, the company is following a HODL strategy.

The market reacted positively to Argo Blockchain’s results and management’s comments. At the time of writing, the shares were up about 9%, while the FTSE 100 index was up only about 0.8%.

Data: LSE.

Earlier ForkLog reported on the explosive rise in shares of most manufacturers of bitcoin mining equipment and mining firms.

In February, bitcoin and Ethereum miner revenues hit historic highs.

Earlier in January, Elon Musk said he would not object to receiving compensation in the first cryptocurrency.

Since December 2020, NFL quarterback Russell Okung has begun converting half of his annual salary into Bitcoin worth $13m.

Subscribe to ForkLog news on VK!