thecoinrepublic.com
- The drop in difficulty has enabled Bitfarms to increase production at a lower cost
- The company claims powering 1.5% of the entire Bitcoin network with more than 99% renewable green energy
- The company has nearly doubled its market share
The debate about the carbon imprints of Bitcoin Mining has been on for some time. The demand for more environmentally friendly energy sources for Bitcoin Mining has been rising. In a big step in this direction, Green BTC miner Bitfarms’ production is up 50% after the China ban, as Compass goes nuclear.
The Chinese ban on Bitcoin mining has become a boon for Green BTC miner Bitfarms’ whose production is up 50%. In addition, the drop in difficulty has enabled Bitfarms to increase output at a lower cost.
Using than 99% renewable green energy for mining
Bitfarms is a publicly-traded North American Bitcoin mining company and has made the best from the Chinese Bitcoin mining ban and the resultant miner migration. The Canadian hydroelectricity mining outfit is claiming that powering 1.5% of the entire Bitcoin network with more than 99% renewable green energy.
Bitfarms, in its July 14 update, revealed that it had mined 1,357 Bitcoins in the first months of 2021. It is the most significant number of Bitcoin mined in North America among publicly traded miners. The projected target for July is 400 Bitcoin. It will be double the 199 it mined in January and more than 50% more than June’s 365 BTC mined.
Founded in 2017, Bitfarm stated that 1,445 BTC had been deposited into custody as of July 12. It constituted 95% of its production this year.
Earlier this month, Bitcoin had its most significant drop in difficulty in history due to the ban of Bitcoin mining in China. In better days, Bitcoin mining rigs in China accounted for more than 90% of the Bitcoin mining globally. However, BitInfoCharts has reported a 42.5% decline in difficulty after the crackdown since late May, with more than half of that occurring this month.
The lowering of difficulty has led to higher quantities of Bitcoin at a lower cost per unit. However, the productivity boost could not prevent company stock from taking a hit in late June. The communist government’s action in China is good news for Bitfarms, and as a result of the mining ban enforced by Beijing, the company has nearly doubled its market share. It was started by the founder and CEO of Bitfarms, Emiliano Grodzki.
Grodzki added that the ban on Bitcoin mining in China and the resultant migration of mining rigs seeking new hosts would take some time to settle. However, Bitfarms is well-positioned to take advantage of the situation. The process has already started, and the company is installing 1,500 Bitcoin miners from MicroBT in its Magog, Quebec, data center, adding 120 PH/s of total production in June 2021.
Compass points to nuclear power
In another development, North American mining and hosting firm Compass Mining has partnered with nuclear fission startup Oklo in a 20-year deal to supply its energy needs to the tune of 150MW. The Oklo mini reactors will go online in 2023 or 2024, and the energy costs will be considerably less than what the company is paying today.
Nuclear Energy is an environment-friendly energy source since it does not produce air pollution or carbon dioxide like thermal-based power plants. However, the danger of radioactive leaks and the creation of radioactive waste are always there.
Compass is also in the early stages of negotiations with Turkey Point Nuclear Plant in Miami. Miami is considered one of the Crypto friendly cities in North America.