Bitfarms leverages ban in China to produce more BTC

Key facts:
  • According to company data, they extract 13 BTC daily.

  • The company works 99% with sustainable energy.

Restrictions against Bitcoin mining in China appear to have boosted the production of the crypto asset by Canadian BTC mining company Bitfarms.

According to Bitfarms founder and CEO Emiliano Grodzki, China’s crackdown on Bitcoin has doubling your company’s share in the cryptocurrency market and it currently produces about 13 BTC daily.

“Reports indicate that the ban on mining in China and the exodus of mining rigs seeking new accommodation may take an extended period of time to be resolved.”, ensure the executive.

Grodzki also believes that mining difficulty will be further reduced, something that the company will take advantage of to continue installing new mining machines.

According to a document published by Bitfarms, on July 14, currently they power approximately 1.5% of the Bitcoin network, with hydropower. The company works 99% with sustainable energy, an option that gains popularity in the mining industry to avoid pollution.

In fact, the Bitcoin Mining Council conducted a poll, determined that the 56% of BTC miners use sustainable energythe study involved 32% of the hash rate of Bitcoin globally, as reported by CriptoNoticias.

Other data submitted by the mining company

Other data provided by Bitfarms indicate that mined 1,357 BTC, in the first six months of 2021. That amount is currently valued at approximately USD 43 million.

They also noted that last June, they mined 265 bitcoins, “the highest monthly production rate” of Bitfarms so far in 2021.

China’s ” aid ” to companies like Bitfarms

As mentioned, in China Bitcoin bans continue to expand throughout the territory. Recently, CriptoNoticias reported that in the Chinese provinces of Henan, Gansu and Anhui also banned BTC mining and other cryptocurrencies, in order to reduce electricity consumption.

In this way, they are eight territories in this country that have restricted this activity. Other provinces are expected to do the same in the short term.

Given all the events currently underway in China, against Bitcoin, the CEO of Bitfarms expects the company to increase its share in the cryptocurrency market. He also believes that they will continue to increase their profits from BTC mining.

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