Argo Blockchain starts paying its CEO salary in bitcoin

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Argo Blockchain, the London-listed crypto mining group, announced that its chief executive officer, Peter Wall, has agreed to be paid his salary in Bitcoin (BTC) starting March 1 this year.

Based on documents that Argo Blockchain filed with the London Stock Exchange, the mining firm has made a provision for any of its workers to choose whether to get paid in the crypto or the other way around.

According to Finance Magnates, Argo will use the Toronto-headquartered Satstreet exchange’s Bitcoin Savings platform to convert the wages from fiat to Bitcoin based on the current market rate.

Argo mines 130 BTCs in February

Argo Blockchain has been doing massive overtime work, mining almost 130 Bitcoin last month, up from 93 in January.

The company’s mining revenue last month amounted to £4.34 million compared to the previous month’s £2.48 million, based on daily foreign exchange rates and crypto prices during the month.

Argo also disclosed that 4,500 Bitmain Antminer S19 and S19 Pro miners the company leased from Celsius Network in February are all now fully operational.

That takes the crypto mining group’s total capacity to 1,075 petahashes for BTC and other SHA-256 cryptocurrencies, in addition to 280 megasols of capacity for cryptos based on the equihash algorithm, according to Coindesk.

Happy to get paid in bitcoin

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

Argo’s decision to offer salary payment in bitcoin came when institutional adoption of the world’s most sought-after digital asset hit new peaks. This, in addition to many corporate executives adding Bitcoin to their balance sheet. Tesla CEO Elon Musk also said recently that he would take a salary in bitcoin.

“I am happy that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81% is absolutely amazing,” Wall added, as per Proactive.

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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