The listed North American Bitcoin mining company Bitfarms has doubled its productivity this year due to the Chinese approach and the resulting migration of miners.
The Canadian hydropower mining company claims it currently powers an estimated 1.5% of the entire Bitcoin network with more than 99% renewable green energy.
In a July 14 production update, the company announced that it had mined 1,357 BTC in the first six months of 2021, adding that it was the largest number of BTC mined in North America, as reported by listed miners reported.
It forecast production of more than 400 BTC for the month of July, which would be double the 199 BTC in January and more than 50% from the 365 BTC in June.
Bitfarms, which was founded in 2017, also stated that on July 12, more than 95% of its production that year, or 1,445 BTC, was taken into custody.
Earlier this month, Bitcoin saw its biggest decline in difficulty in history due to the mining crackdown in China and the resulting plant shutdown. BitInfoCharts has reported a 42.5% decrease in difficulty since the end of May, with more than half of that occurring this month.
This has resulted in bitfarms producing significantly higher amounts of BTC at a lower cost per unit produced, the report added. The productivity surge did not prevent the company’s shares from plummeting in late June, Cointelegraph reported.
Bitfarms founder and CEO Emiliano Grodzki said Beijing’s Bitcoin mining embargo was good news for the company, which it nearly doubled its market share.
“Reports suggest that the ban on crypto mining in China and the exodus of mining rigs seeking new hosting may take a long time to complete. Bitfarms is well positioned to take advantage of the significantly improved economic opportunities. “
The company has already begun this process by installing 1,500 Bitcoin miners from MicroBT in its data center in Magog, Quebec, adding 120 PH / s to total production in June 2021.
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Compass points on nuclear power
In a separate development of the mining industry, the North American mining and hosting company Compass Mining has signed a 20-year contract with the nuclear fission startup Oklo, which will supply the company with 150 megawatts of energy.
According to Compass CEO Whit Gibbs, the first Oklo mini-reactors will be deployed in 2023 or 2024 and the cost will be “significantly” lower than the energy sources the company is currently using.
According to the US Energy Information Administration, nuclear reactors do not produce air pollution or carbon dioxide while they are in operation, but the biggest environmental problem associated with them is the generation of radioactive waste.
Compass is also in talks with the crypto-friendly city of Miami to get power from the Turkey Point nuclear power plant, according to a Nasdaq report.