Bitfarms, a North American mining company, is releasing additional production of lower-cost BTC following China’s ban and the migration of miners caused by this decision.
The misfortunes of some make the happiness of Bitfarms
Canadian hydro corporation Bitfarms claims that its production almost doubled in the middle of the year. Specifically, it produced 1,357 BTC in the first six months of 2021. A number that listed miners describe as historic in terms of Bitcoin mining in North America.
For the month of July alone, this company created in 2017 was able to produce 400 BTC. A figure that represents double the 199 bitcoins mined in January and a proportion of more than 50% compared to the 365 units of the month of June. As of July 12, about 95% of Bitfarms ‘ assets, or 1,445 BTC, are in stock.
The Chinese mining crackdown has reportedly impacted the activities of some extractors such as BitInfoCharts which complains of a 42.5% decline in its production since the end of May. However, this context makes the happiness of Bitfarms whose increase in the quantities produced takes a legitimate turn because of a lower cost of production.
Emiliano Grodzki, founder and CEO of Bitfarms, totally welcomes this BTC embargo. He did not hesitate to call it good news given that the market shares of his company have almost doubled. Apparently, it did well since its data center Magog, in Quebec, hosts nearly 1,500 BTC miners from Microbts recording 120 PH / s.
And meanwhile, Compass is cutting costs
CompassMining did not wait very long to activate following this Chinese restriction. Recent times have indeed seen the signing of a 20-year agreement between the North American company and Oklo, nuclear fission start-up. This partnership consists of the supply of 150 megawatts of energy to Compass.
Its CEO, Whit Gibbs, specified that the deployment of the firstOklo would take place in 2023 or 2024. This process, which does not pollute or emit carbon dioxide, will consequently reduce BTC’s mining costs.
As the race to preserve the environment is underway, several companies like Compass and Bitfarms are rushing to adjust their sights in order to pollute less and get more Bitcoins.
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