Bitfarms Boosts BTC Output Amid Easier Mining Conditions

Bitfarms Boosts BTC Output
  • Bitfarms has improved its BTC mining output amid the easier mining conditions.
  • Bitforms deposited 1,445 BTC produced this year into custody.
  • Also, the mining firm utilizes green electricity to power its mining operations.

Listed crypto mining company, Bitfarms Ltd has ramped up its mining operations. The company is taking advantage of recent crypto mining bans in China to expand its market dominance. 

The mining operation reportedly mined 1,357 BTC over the first half of 2021. In addition, Bitfarms deposited 1,445 BTC into custody. Notably, the BTC deposit is over 95% of the company’s BTC production so far this year. 

Also, the firm mined 265 of the BTC it deposited in June alone, marking a new record for the year to date. Bitfarms also reports that the company received and stalled about 1,500 new farmers from MicroBT. This added 120PH/s of total production in June 2021.

Of note, by July 12th the company had mined almost the same monthly output it produced in January. The Bitfarms rise in production is also partly ‘due to the sharp drop in the BTC mining difficulty. 

The BTC mining difficulty crashed following the crypto mining crackdown in China. A wave of bans swept across China, leading to the top mining provinces shutting down. This put a dent in the BTC mining hash rate since Chinese miners contributed about 65% of the top crypto’s hash rate prior to the crackdown.

However, on July 3 the BTC code re-calibrated, making the mining difficulty easier by about 28%. In turn, this means Bitfarms is able to produce a higher amount of BTC for less cost and time. 

Further, based on the current mining rate Bitfarms is likely to produce over 400 BTC by the end of the month (July). This would be a 100% increase compared to the total production in January, and 50% more than June. At the same time, Bitfarms is using more than 99% green hydroelectric energy to power its mining operation. 

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