UK-based Argo Blockchain starts paying CEO in BTC

Written by: Jinia Shawdagor
March 4, 2021
  • The option to receive salaries in BTC is open to other Argo Blockchain employees as well.
  • Argo Blockchain will use Satstreet’s Bitcoin Saving service to convert fiat salaries into BTC.
  • The firm also installed an additional 4,500 Bitmain Antminer S19 and S19 Pro mining rigs.

Argo Blockchain, a London-listed crypto mining firm, has started paying its CEO, Peter Wall, in Bitcoin (BTC). A press release unveiled this news on March 3, noting that this change took effect on March 1. Reportedly, this payment option is also available to other employees of the company that might want to receive all or part of their salaries in BTC.

According to the news release, Argo will use the Bitcoin Saving service provided by Toronto-based Satstreet Exchange to convert the salaries of employees that decide to accept salaries in BTC. Allegedly, the company will convert the salaries at the daily market rate.

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Commenting on this bullish announcement, Wall said,

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. I’m also pleased to be the first publicly traded company that we know of to have their CEO paid in Bitcoin.

Previously, Elon Musk, the founder of Tesla and SpaceX said that he would never turn down getting paid in BTC. Twitter’s CFO, Ned Segal mentioned that the social giant was contemplating paying its employees in BTC.

Doubling down on mining

In the news release, Argo revealed that it had managed to mine 129 BTC in February, which was a significant increase from January’s 93 BTC. The firm’s total BTC yield year-to-date sits at 222 BTC. Its mining revenue increased from £1.8 million in January to £3.1 million in February.

With Bitcoin holding on to its bullish momentum that recently saw it surge as high as £41,773, Argo decided to install 4,500 more Bitmain Antminer S19 and S19 Pro miners, which are now operational. Through this installation, the company has ramped up its capacity to 1,075 petahashes for the mining of BTC and other SHA-256 cryptocurrencies. Apart from this, the Argo mining farm boasts an additional 280 Megasols for mining cryptocurrencies based on the equihash algorithm.

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