Bitfarms takes advantage of 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 fueled the production of the cryptoasset by Canadian BTC mining company Bitfarms.

According to what was expressed by the founder and CEO of Bitfarms, Emiliano Grodzki, the repression of China towards Bitcoin, has your company’s share of the cryptocurrency market doubled and currently produces approximately 13 BTC daily.

“Reports indicate that China’s mining ban and the exodus of mining rigs seeking new accommodation may take a long period of time to resolve,” the executive said.

Grodzki also believes that the mining difficulty is going to 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 feed about 1.5% of the Bitcoin network, with hydroelectric energy. The company works 99% with sustainable energy, an option that has gained popularity in the mining industry to avoid pollution.

In fact, the Bitcoin Mining Council conducted a survey, determined that the 56% of BTC miners use sustainable energy, 32% of the Bitcoin hash rate worldwide participated in the study, as reported by CriptoNoticias.

Other data submitted by the mining company

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

Likewise, they pointed out 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 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.

Faced with all the events that are 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 their profits from BTC mining will continue to increase.

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