Bitfarms, a new start-up that mines bitcoin and cryptocurrency, has had a very good week. When the Chinese government cracked down on cryptocurrency miners Chinese, Bitfarms saw an increase in sales of its Greenlight ASIC chips. Originally sold at a $16,000 price tag, Bitfarms has cut the price of Greenlight to $7,500, and has put them on sale for an even cheaper price of $7,000.
According to the latest data, China’s mining production is up 50% after the Chinese government banned Bitcoin mining. China is so far the world’s largest Bitcoin mining center, but the government’s ban on the practice may have a negative impact on the industry.
Bitfarms, a publicly traded North American bitcoin mining company, has doubled its production this year amid Chinese repression and the resulting exodus of miners.
The Canadian hydropower company says it currently powers about 1.5% of the entire Bitcoin network, with more than 99% renewable green energy.
In a production update of 14. In July, the company said it had mined 1,357 BTC in the first six months of 2021, adding that it had mined the most BTC in North America among listed miners.
The company expects over 400 BTC to be mined in July, double the 199 BTC mined in January and over 50% more than the 365 BTC mined in June.
Bitfarms, founded in 2017, also said it will produce more than 95% of its output from this year, or 1,445 BTC, by FY12. July.
Earlier this month, bitcoin saw its biggest drop to date due to China’s mining suppression and subsequent shutdown. BitInfoCharts reports a 42.5% drop in complexity since the end of May, with more than half of that drop occurring this month.
This allowed Bitfarms to produce significantly more BTC at a lower unit price, the report added. The improved performance did not stop the company’s shares from falling at the end of June, reports Cointelegraph.
Emiliano Grodzki, founder and CEO of Bitfarms, said Beijing’s embargo on bitcoin mining was good news for the company, which nearly doubled its market share.
The ban on cryptocurrency mining in China and the exodus of miners looking for a new home could, it seems, be about time. Bitfarms is well positioned to take advantage of the significant increase in business opportunities.
The company has already begun installing 1,500 MicroBT bitcoin miners in its Magog, Quebec data center, which will increase total capacity by 120 PH/s by June 2021.
Related: Nick Carter dismisses claims that bitcoin is an environmental disaster
Compass indicates nuclear power
In another development in the mining sector, North American company Compass Mining has signed a 20-year contract with nuclear fission company Oklo to supply 150 megawatts of electricity.
According to Whit Gibbs, CEO of Compass, the first Oklo mini reactors will come on line in 2023 or 2024, and will cost significantly less than the energy sources the company currently uses.
According to the U.S. Energy Information Administration, nuclear reactors do not produce air pollution or carbon dioxide during their operation, but the main environmental problem associated with them is the production of radioactive waste.
Compass is also in talks with Miami Crypto City to buy power from the Turkey Point nuclear plant, according to a Nasdaq report.
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