Salary in bitcoins
Salary in bitcoins has become a reality! Argo Blockchain, a London-based crypto mining group, announced that its chief executive officer Peter Wall has agreed to receive his salary in bitcoins (BTC) from March 1 this year.
Based on the documents that Argo Blockchain filed with the London Stock Exchange, the mining company provided that any of its employees could choose whether to receive their salary in cryptocurrency or in fiat money.
According to the financial magnates, Argo will use the Cat street exchange bitcoin savings platform headquartered in Toronto to convert wages from fiat to BTC based on the current market rate.
Argo has mined 130 BTC in February
The company has done a great job, mining almost 130 coins last month, up from 93 in January.
Revenue from mining last month amounted to £4.34 million compared to £2.48 million in the previous month, based on daily exchange rates and cryptocurrency prices during the month.
Argo was also pleased with the announcement that 4,500 Bitmain Antminer S19 and S19 Pro miners, which the company leased from Celsius Network in February, are now running at full capacity.
Thus, the total capacity of the group is 1075 petahashes for bitcoin and other SHA-256 cryptocurrencies, in addition to 280 megasoles of power for cryptosystems based on the equihash algorithm.
Happy to Get a Crypto Salary
«I am glad to be the first representative of a publicly traded company that the CEO is known to receive in bitcoins», -financial magnates quote Wall 's words in their statement.
Argo's decision to offer salary payments in virtual equivalent came when the institutional adoption of the most sought-after digital asset in the world reached new peaks. The head of Tesla, Elon Musk, also recently announced that he would receive a salary in bitcoins.
«I am glad that Argo has completed another record month both in terms of mining revenue and profit. Mining margin of 81% — it's absolutely amazing», — Wall added.
Argo Representative – not the first willing
Back in 2019, NFL league players Russell Okung and Matt Barkley expressed a desire to receive payment in bitcoin, but the management did not go to meet them. This is due to the unstable legal status of the cryptocurrency. For example, in some US states, it is legally specified that wages can only be paid in US currency. In Estonia and Lithuania, it is allowed to pay in virtual form only a part of the earnings.
Basically, only IT companies are willing to pay salaries with BTC. For example, back in 2018, GMO Internet employees began receiving part of their earnings in bitcoins. Wirex employees decide for themselves in what form they will be paid income – in cryptocurrency, dollars or mixed. Several Buffer specialists voluntarily chose part of the payments in bitcoins, as reported on their personal pages on the network.