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Green miner Bitfarms’ production up 50% after China ban, as Compass goes nuclear

July 15, 2021 Coin Telegraph

Bitfarms

Bitfarms is producing more BTC at a lower cost due to the drop in difficulty.

Publicly traded North American Bitcoin mining company, Bitfarms, has doubled its productivity this year amid the Chinese crackdown and resultant miner migration.

The Canadian hydroelectricity mining outfit claims to be currently powering an estimated 1.5% of the entire Bitcoin network with more than 99% renewable green energy.

In a July 14 production update, the firm revealed that it had mined 1,357 BTC in the first six months of 2021, adding that this was the largest number of BTC mined in North America as reported by publicly-traded miners.

It has projected the production of more than 400 BTC for the month of July, which would be double the 199 it mined in January, and more than 50% over June’s 365 BTC mined.

Bitfarms, which was founded in 2017, also stated that more than 95% of its production this year, or 1,445 BTC, has been deposited into custody as of July 12.

Earlier this month, Bitcoin experienced its largest difficulty drop in history due to the mining crackdown in China and resultant closure of operations. BitInfoCharts has reported a 42.5% decline in difficulty since late May with more than half of that occurring this month.

This has resulted in Bitfarms producing significantly higher quantities of BTC at a lower cost per unit produced, the report added. The productivity boost did not prevent company stock taking a hit in late June as reported by Cointelegraph.

Bitfarms founder and CEO, Emiliano Grodzki, stated that Beijing's Bitcoin mining embargo has been good news for the company which has nearly doubled its market share as a result.

“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.”

The company has already begun that process with the installation of 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 a separate mining industry development, North American mining and hosting firm Compass Mining has signed a 20-year deal with nuclear fission startup Oklo which will supply the firm with 150 megawatts of energy.

According to Compass CEO, Whit Gibbs, the first Oklo mini-reactors will be deployed in 2023 or 2024 and the costs will be “considerably” lower than the energy sources firm currently uses.

According to the U.S. Energy Information Administration, nuclear reactors do not produce air pollution or carbon dioxide while operating, however, the major environmental concern related to them is the creation of radioactive waste.

Compass is also in talks with the crypto-friendly city of Miami about getting power from the Turkey Point Nuclear Plant according to a Nasdaq report.

Bitcoin Mining Report Claims Miner Energy Consumption Mix 56% Sustainable in Q2

July 4, 2021 Bitcoin.com

Bitfarms’ shares slump on Nasdaq debut amid crypto market pull-back

June 22, 2021 Coin Telegraph

Bitfarms

Bitfarms’ debuting shares have been unable to escape the bearish crypto meta-trend, despite the firm claiming its profits have increased amid the recent drop in Bitcoin hash rate.

The highly anticipated Nasdaq debut of renewable energy-focused BTC mining firm, Bitfarms (BITF), saw the company’s stock fall by as much as 8.6% amid weakness in the broader crypto markets.

BITF opened at $4.04 and quickly climbed a couple of percent to tag a high of $4.11 before dropping as low as $3.90 as cryptocurrency prices tumbled. Bitfarm’s shares last traded hands for $3.96.

The share prices of publicly-listed Bitcoin mining firms have taken a beating over recent months.

Marathon Digital Holdings (MARA) is down roughly 51% from its early-April all-time high of $56.50 after its stock last changed hands for $27.83, while Hive Blockchain (HIVE) trading at $2.38 for a loss of 57% from its February high of $5.50, and Riot Blockchain (RIOT) priced at $31.57 after falling nearly 60% from its February peak of $77.90.

In addition to the heavy BTC sell-off that followed Bitcoin’s April all-time high, the poor performance of mining stocks has resulted from negative perceptions concerning the sector’s energy consumption, and reactions to China’s escalating crackdown on domestic miners.

However, Bitfarms claims to have benefited from the recent hash rate exodus from China amid the clampdown, with the Canada-based firm estimating 99% of its computation is powered by “green” hydroelectricity. In its June 10 production update, Bitfarms company stated:

"As the hashrate of Chinese miners falls, Bitfarms has earned higher transaction fees and increased its share of the total Bitcoin network hashrate. As a result, Bitfarms has been earning more Bitcoin for the same amount of computational power and operational cost."

Despite the heavy drawdowns recently observed in the price of mining stocks, Cointelegraph reported in March that the sector had outperformed the spot price of Bitcoin by 455% during the preceding 12 months.

Bitfarms