Bitfarms Green BTC Miner Grows 50% After China Ban When Compass Becomes Nucleus 7/15/2021

North American publicly traded Bitcoin mining company Bitfarms doubled productivity this year amid the Chinese crackdown and migration in mining.

Canadian Hydro Mining Apparel claims it currently powers an estimated 1.5% of the entire Bitcoin network with over 99% renewable green energy.

In a July 14 production update, the company announced that it had mined 1,357 BTC in the first six months of 2021, adding that this is the largest amount of BTC mined in North America like the publicly traded mining company reported by the company.

It was expected to produce more than 400 BTC in July, double the 199 BTC in January and more than 50% of the 365 BTC in June.

Bitfarms, founded in 2017, also claims that more than 95% of their this year’s production, or 1,445 BTC, has been in custody as of July 12.

Earlier this month, Bitcoin saw its biggest drop in hardship in history due to the mining crackdown in China and the resulting plant shutdown. BitInfoCharts has reported a 42.5% decrease in difficulty since the end of May, more than half of that this month.

This has resulted in bitfarms producing significantly higher amounts of BTC at a lower cost per unit produced, the report added. As Cointelegraph reported, the productivity boost didn’t stop the company’s stock from falling in late June.

Bitfarms founder and CEO Emiliano Grodzki said Beijing’s Bitcoin mining embargo is good news for the company, which has almost doubled its market share as a result.

“Reports suggest that the ban on cryptocurrency mining in China and the migration of mining rigs in search of new hosting services may take a long time. Bitfarms is well positioned to take advantage of the significantly improved economic opportunities. “

The company began this process by installing 1,500 Bitcoin miners from MicroBT in its data center in Magog, Quebec, increasing total production by 120 PH / s by June 2021.

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Compass indicates nuclear energy

In a separate development of the mining industry, the North American mining and storage company Compass Mining has signed a 20-year contract with the nuclear fission startup Oklo, which will provide 150 megawatts for the energy company.

According to Compass CEO Whit Gibbs, the first Oklo small reactors will be used in 2023 or 2024 and will cost “significantly” less than the energy sources that the company currently uses.

According to the US Energy Information Administration, nuclear reactors do not generate air pollution or carbon dioxide when in operation, but a major environmental problem associated with them is the generation of waste radiation.

Compass is also in talks with the crypto-friendly city of Miami to get power from the Turkey Point nuclear power plant, according to a Nasdaq report.