Due to Chinese repression and the subsequent migration of miners, Bitfarms, a Bitcoin mining company listed in North America, has doubled its productivity this year.
The Canadian hydropower mining company claims that currently about 1.5% of the Bitcoin network uses more than 99% of renewable green energy to power the entire Bitcoin network.
In production on July 14 UpdateThe company revealed that it mined 1,357 BTC in the first six months of 2021, adding that this is the largest number of BTC mined in North America reported by publicly traded miners.
It expects that its output in July will exceed 400 BTC, which will be twice the 199 BTC it mined in January and more than 50% higher than the 365 BTC mined in June.
Bitfarms, established in 2017, also stated that as of July 12, more than 95% of its output this year, namely 1,445 BTC, has been escrowed.
Earlier this month, due to China’s mining crackdown and the resulting closure of operations, Bitcoin experienced the biggest difficulty decline in history. BitInfoCharts reports that since late May, the difficulty has dropped by 42.5%, and more than half of it happened this month.
The report added that this has resulted in Bitfarms producing large amounts of BTC at a lower unit production cost.The increase in productivity has not stopped Company stocks took a hit in late June As Cointelegraph reported.
Bitfarms founder and CEO Emiliano Grodzki (Emiliano Grodzki) said that Beijing’s Bitcoin mining ban is good news for the company and the company’s market share has almost doubled.
“The report indicates that China’s ban on cryptocurrency mining and the outflow of mining equipment seeking new custody may take a long time to resolve. Bitfarms is well-positioned to take advantage of significantly improved economic opportunities.”
The company has already started this process Install 1,500 Bitcoin miners from MicroBT At its data center in Magog, Quebec, total production will increase by 120 PH/s by June 2021.
Compass points to nuclear energy
In a separate mining development, North American mining and hosting company Compass Mining has signed a 20-year agreement with nuclear fission startup Oklo that will provide the company with 150 megawatts of energy.
According to Compass CEO Whit Gibbs, the first Oklo micro-reactors will be deployed in 2023 or 2024, and their costs will be “significantly” lower than the company’s current energy use.
According to the US Energy Information Administration, nuclear reactors do not produce air pollution or carbon dioxide during operation, but the main environmental problem associated with them is the production of radioactive waste.