Bitcoin mining firm Bitfarms projects a 50% monthly production increase for July to 400 BTC
The closure of the mining farms in China has benefited the firm, allowing it to double its market share.
Thu, 15 Jul 2021, 07:50 am UTC
China’s crackdown on crypto mining and trading has been a huge boon for North American miners. For instance, Bitcoin mining company Bitfarms has been ramping up its production lately and projects to boost its monthly BTC by 50 percent this month.
In a press release on Wednesday, Bitfams said that it has already mined 158 Bitcoin in the first 12 days of July. The Toronto, Canada-based mining firm revealed that the number is already more than half June’s production.
The company expects its production for the entire month of July to reach over 400 BTC, which is around 50 percent higher than the previous month’s production of 265 BTC. This month’s production will also be double that of January, where the company mined 199 BTC.
Bitfarm has mined 1,357 BTC during the first six months of 2021, the largest number of BTC mined in North America. Adding the 158 BTC mined from July 1 to 12, the firm’s total production as of July 12 is 1,512 BTC. The company added that more than 95 percent of the coins mined or 1,445 BTC have been deposited into custody.
The company highlighted that over 99 percent of the electricity used in its crypto mining operation comes from hydro. The publicly traded Bitcoin mining company currently powers an estimated 1.5% of the Bitcoin network.
The closure of the mining farms in China has benefited the firm, allowing it to double its share. “With the recent ban on Bitcoin mining in China, Bitfarms has nearly doubled its market share and is currently producing approximately 13 Bitcoin per day,” Bitfarms Founder and Chief Executive Officer Emiliano Grodzki said.
The company is well-positioned to take advantage of the Chinese ban on crypto mining. “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,” the CEO added. “Bitfarms is well-positioned to take advantage of the significantly improved economic opportunity.”
To take advantage of the opportunity, the mining firm has recently expanded its capacity. In June, Bitfarms added 1,500 Bitcoin miners from MicroBT to its Magog data center, which added another 120 PH/s to its capacity.
“With mining difficulty expected to be reduced even further, and as we continue to receive and install new miners, we believe that Bitfarms’ market share and our share of block rewards should continue to increase,” Grodzki said.
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