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Bitfarms mines $16 million worth of Bitcoin with 99% green energy

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Bitfarms, a cryptocurrency mining company listed on the NASDAQ stock exchange, has said that it is responsible for powering about 1.5% of the Bitcoin network’s global hash rate with “greater than” 99% green hydroelectricity.

According to the company’s press release, it mined 391 new bitcoins ($16 million) in July 2021, which represents the company’s largest monthly production rate achieved in 2021. The Nasdaq-listed company also said its Bitcoin generation rate climbed by 47.5% in July, its best month to date.

The release also stated that it had mined 96% more than its mining production in January 2021. The company is currently mining between 12.5 and 13.5 Bitcoin daily.

The company also said it mined 1,748 Bitcoin in the first seven months of 2021, the largest number of Bitcoin mined in North America as reported by publicly traded miners.

The company mentions that it deposited 1,678 Bitcoins into its treasury as of August 1, 2021, representing approximately 96% of the Bitcoin generated by the company so far this year. In dollar terms at Bitcoin’s current market price of $40,760, this puts the value at approximately $68.4 million.

Emiliano Grodzki, Bitfarms founder and CEO stated that the company is expected to keep adding Bitcoin to its balance sheet as output increases.

Fortune.com estimates that Bitfarms scored $14 million in profit in July, 80% more than in February, its lowest-output month of 2021.

Bottomline

The company was able to increase its mining production as a result of the decrease in mining difficulty arising from China’s ban on cryptocurrency mining.

China was once the hub for cryptocurrency mining as the country accounted for over 30% of the Bitcoin global hashrate. This is now a thing of the past as the country’s regulatory body now moves to make an end of cryptocurrency trading while promoting its central bank-issued digital currency called the “Digital Yuan.”

Bitfarms is trading $5.46 pre-market, up 6.43% as of the time of writing this report.

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