The cryptocurrency mining company, Argo Blockchain has announced that its CEO, Peter Wall, will receive his salary in Bitcoin from March 1, 2021. According to its filing documents with the London Stock Exchange (LSE), the mining company’s employees too can receive their salaries in Bitcoin.
Argo Blockchain on the Rise
Argo will utilize Satstreet exchange’s Bitcoin Savings service for converting the fiat to Bitcoin at a daily market rate for receiving the salary.
In a company statement, Argo Blockchain CEO, Peter Walls remarked on the move:
“I’m also pleased to be the first publicly-traded company that we know of to have their CEO paid in Bitcoin.”
— Peter Wall (@PeterGWall) March 3, 2021
Argo Blockchain recently released its operational update for the month of February. The update reveals an overall positive development from the cryptocurrency mining company.
For instance, the number of Bitcoins mined by Argo has gone up to 129 BTC last month in comparison to January’s 93 BTC.
The increased mining capacity comes from the installation of 4,500 Bitmain Antminer S19 and S19 pro miners, procured from the Celsius Network.
The monthly revenue from Argo’s mining activities recorded £4.34 million in February, compared to £2.48 million in the previous month.
The monthly mining margin of the company has jumped up to 81% for the month of February. By the end of February, Argo blockchain held 599 Bitcoins.
The crypto mining company has now an SHA-256 mining capacity of 1075 Petahash. Additional mining capacity includes 280 Megasols of equihash mining.
Mainstream Companies Considering Paying Salaries in Bitcoin
Bitcoiners are increasingly getting interested to receive their salaries in the leading cryptocurrency. For instance, at the end of December 2020, Okung announced receiving half of his $13 million salary paid in BTC. Meanwhile, even Tesla’s CEO, Elon Musk expressed his eagerness for receiving his salary in Bitcoin earlier. And days after Tesla announced a $1.5 billion investment in bitcoin, Twitter CFO, Ned Segal said that the social media platform is considering paying its employees in Bitcoin.