Sunday, February 5, 2023

Bitfarms Mining Operation Up 50% After China’s Crackdown

Amid, China’s crackdown on crypto mining and trading companies in the country, this year, the productivity of North America-based Bitfarms has doubled.

After suffering a crackdown in China, many crypto miners shifted their businesses to other countries, North America is one of them. 

The crackdown came as a huge boon for the mining industry in North America. 

As per the reports, Bitfarm has been using 99 percent of renewable green energy to power around 1.5 percent of the entire Bitcoin Network, presently. 

The mining company released a public statement on July 14, declaring that it had mined 1357 BTC in the half of 2021. According to the publicly traded miners, Bitfarms produced the largest number of Bitcoin in North America.

It has been reported that in January the company had mined 199 BTC, compared to that, its production is doubled for the month of July, as it mined over 400 BTC. Also, the company’s Bitcoin is 50 percent more compare to June’s data, when it mined 36 BTC.

On July 12, over 95 percent of Bitfarms’ production this year, which means 1445 BTC, were deposited into custody.

Following China’s crackdown, several mining operations shut in the country, due to which Bitcoin suffered the largest difficulty drop in history. 

As per BitInfoCharts, Bitcoin experienced a 42.5 percent drop in difficulty since late May with over half of that occurring this month. 

The drop actually helped the North American mining company, as it was able to develop significantly higher quantities of BTC at lower rates. 

The higher productivity of Bitcoin was the reason, by the end of June, Bitfarms’s stock escalated in the market.

Emiliano Grodzki, the CEO of the mining company, believes that China’s ban on the mining industry was good news for the company.

“Reports indicate that the ban on crypto mining in China and the exodus of mining rigs seeking new hosting may take an extended period of time to resolve. Bitfarms is well-positioned to take advantage of the significantly improved economic opportunity.”

Recently, the company hired 1500 bitcoin miners from MicroBT for its Magog, Quebec, data center. Also, it added 120 PH/s of total production in June 2021.

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