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

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The public mining company Bitfarms reported that in the first six months of 2021 it mined 1,357 BTC. And in July the figure reached 1,515 BTC. Thus, even amid the crackdown from China, the North American bitcoin mining company Bitfarms has increased its productivity. What’s more, Bitfarms generated significantly larger amounts of BTC at lower costs.

The firm estimates its hashrate to be about 1.5% of the total computing power of the Bitcoin network. Note that more than 99% of Bitfarms’ production facilities use environmentally friendly gyroelectric power.

Of the 1515 BTC mined as of July 12, the company transferred 1445 BTC for storage.

So far, June has become a record for Bitfarms with 256 BTC mined. However, the company expects that this figure will be overridden in July. The firm expects to mine over 400 BTC in a month.

This is facilitated by a record reduction in the complexity of mining. As well as the addition of 1,500 miners from MicroBT to the equipment fleet.

Bitfarms CEO Emiliano Grodzki noted that after the mining ban in China, the company doubled its market share. Moving miners to hosting sites outside the country can take a long time. And the firm has the opportunity to take advantage of favorable economic conditions, he added.

China’s share in cryptocurrency mining declined

In general, the relocation of miners from China has significantly increased the volume of Bitcoin mining in different countries.

Conversely, China’s share fell from 75.5% to 46%. The United States ranked second in the world in cryptocurrency mining, increasing its share from 4.1% to 16.8%. Iran is in fifth place (4.6%).

The decline in China’s share in the digital asset mining industry is due to tough restrictive measures that were introduced in the country in June. Four provinces of the PRC have completely banned the mining of cryptocurrencies. In July, the State Grid Corporation of China notified all regions of the country about the need to completely stop mining cryptocurrencies.

As a result, more than 70% of cryptocurrency mining enterprises were forced to stop working to move to other countries.

Against this backdrop, “the difficulty of mining is expected to decrease even more, and as we continue to receive and install new miners, Bitfarms’ market share and our block reward should increase,” commented Grodsky.

We will remind, earlier Bitfarms purchased 48,000 devices for mining from MicroBT, the deliveries of which will begin in January 2022.

The company also announced the construction of a data center for bitcoin mining in Argentina with a power consumption of up to 210 MW.

Compass points to nuclear power

Another company, Compass Mining, has signed a commercial partnership with Oklo to launch fusion-based bitcoin mining operations.

The deal will allow Oklo to transfer up to 150 megawatts of clean energy for bitcoin mining. Compass Mining is also the world’s first online marketplace for Bitcoin mining hardware and hosting.

As many people know, the Bitcoin mining process is extremely energy intensive. And Compass’s partnership with Oklo will change things up a bit. By introducing nuclear fusion into the world of bitcoin mining, they hope to increase sustainability and production and reduce the consumption of fossil fuels. The advanced nuclear power plants that Oklo uses will provide Compass with not only clean and reliable energy, but also affordable energy.

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