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Bitcoin mining company Bitfarms increases production by 50%

Bitfarms, the North American publicly traded Bitcoin mining company, announced that it has doubled the production this year, especially during the Chinese crackdown on miners.

Bitfarms gets 99% of its energy through renewable sources such as green hydroelectricity. It powers 1.5% of the Bitcoin network.

In the update, the company revealed that it had mined 1357 BTC during the first 6 months of the year 2021. In January it mined 199 BTC, but it rose to 265 in June.

For July, it has projected production of more than 400 BTC which is 50% more than June’s and 100% more than January’s. In the first half of July, it has mined. It mined 158 BTC for the period of July 1 to July 12.

Till July 12, Bitfarms deposited 1,445 Bitcoin into custody constituting over 95% of the production this year.

Bitfarms BTC production per month in 2021
Bitfarms BTC production per month in 2021

July 3 witnessed one of the steepest drops in mining difficulty due to the Chinese crackdowns. BitInfoCharts has reported a 42.5% decline in difficulty since late May with more than half of that occurring this month.

This has aided other miners in increasing their production without increasing their cost per unit produced.

Bitfarms founder and CEO, Emiliano Grodzki, commented on the development, “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.”

In March, it had placed an order of over 48000 MicroBT miners from Foundry Digital LLC scheduled to arrive by January 2022 which may further increase the production.

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