Argo Blockchain, the London-listed Crypto Mining Group, announced that its Chief Executive Officer Peter Wall has agreed to receive his salary in Bitcoin (BTC) from March 1 of this year.
Based on documents that Argo blockchain The mining company filed with the London Stock Exchange has envisaged that each of its employees can decide whether to get paid in the crypto or vice versa.
According to Finance Magnates, Argo will use the Bitcoin Savings platform of the Toronto-based Satstreet exchange to convert wages from fiat to bitcoin based on the current market price.
Argo mines 130 BTC in February
Argo Blockchain has worked massive overtime, mining nearly 130 bitcoins in the last month, up from 93 in January.
The company’s mining revenues were £ 4.34m last month compared to £ 2.48m the previous month based on daily exchange rates and crypto prices during the month.
Argo also announced that 4,500 Bitmain Antminer S19 and S19 Pro miners, which the company rented from Celsius Network in February, are now fully operational.
This increases the total capacity of the Crypto Mining Group to 1,075 petahashes for BTC and other SHA-256 cryptocurrencies and 280 megasoles for cryptos based on the Equihash algorithm, according to Coindesk.
I am happy to be paid with Bitcoin
“I’m delighted to be the first publicly traded company that we know its CEO will be paid in Bitcoin,” Financial Magnates Wall quoted in a statement.
Argo’s decision to offer a wage payment in Bitcoin came as the institutional rollout of the world’s most sought-after digital asset hit new highs. This is in addition to many executives adding Bitcoin to their balance sheets. Elon Musk, CEO of Tesla, also recently said he would receive a salary in Bitcoin.
“I’m glad Argo took part another record month both in mining and in profits. A mining margin of 81% is absolutely amazing, ”added Wall, according to Proactive.
Image courtesy of Cointelegraph News / YouTube
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