Canadian Bitcoin Mining Company Doubled its Productivity

A publicly-traded Bitcoin mining company, Bitfarms, doubled its productivity in 2021 amid the Chinese government’s actions against cryptocurrencies. Earlier this month, the largest cryptocurrency experienced its largest difficult drop in history due to the situation in China.

Bitcoin mining difficulty fell by 42.5% since late May, with more than half of that occurring in July. This resulted in Bitfarms producing significantly higher quantities of BTC at a relatively lower cost per unit. China’s Bitcoin mining embargo was beneficial to Bitfarms as it nearly doubled its market share.

Reports indicate that the ban on crypto mining in the country may take an extended period of time to resolve. Bitfarms has the chance to take advantage of the significantly improved economic opportunity.

The company is working hard to expand its operations. Bitfarms began that process with the installation of 1,500 Bitcoin miners in its data centre in Quebec. It already added 120 PH/s of total production last month.

It claims to be currently powering an estimated 1.5% of the entire network. Hopefully, the company is using green energy to minimize the impact on the environment. Bitfarms revealed that it mined 1,357 BTC in the first six months of the year. It mentioned that this was the largest number of BTC mined in North America, as reported by publicly-traded miners.

Bitfarms projected the production of more than 400 BTC for July, which would be double the 199 it mined in January. Last month, it mined 365 BTC. It stated that more than 95% of its production in 2021 has gone into custody as of July 12.

Bitcoin mining and nuclear power

Compass Mining is a crypto mining and hosting firm. This form allows individual miners to shop for a hosting facility and operates their mining hardware for them. In that sense, Compass Mining operates as the Airbnb for facilities that host mining hardware. It wants to have as much of its mining network on carbon-free energy as possible.

To achieve that goal, Compass Mining signed a 20-year deal with nuclear fission startup Oklo. The first mini-reactors will open in two or three years and costs will be considerably lower than the energy sources Compass Mining currently uses.

Nuclear reactors do not produce air pollution or carbon dioxide while operating, according to the U.S. Energy Information Administration. But the main environmental concern related to nuclear reactors is the creation of radioactive waste.

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