The public mining company Bitfarms said that for the first six months of 2021 it mined 1,357 BTC, and by July the figure had reached 1,515 BTC.
💎 As of July 12, 2021, #Bitfarms had mined 1,515 $BTC on a YTD basis.
Based on current mining conditions, Bitfarms projects to mine over 400 Bitcoin in the month of July, which would imply over 100% more Bitcoin
production than January and over 50% more than in June. pic.twitter.com/dLTxwoeC4b— Bitfarms (@Bitfarms_io) July 14, 2021
The firm estimates its hash rate at around 1.5% of the Bitcoin network’s total hash power, and Bitfarms’ mining capacities draw more than 99% of their energy from hydroelectric power, according to the press release.
As of July 12, 1,515 BTC mined, the company had transferred 1,445 BTC to custody.
So far, June’s 256 BTC mined was a record for Bitfarms. However the company expects to surpass this figure in July. By July 12, the firm had mined 158 BTC and expects to mine more than 400 BTC for the month.
This is aided by record-low mining difficulty which occurred on July 3, as well as the addition of 1,500 miners from MicroBT to the fleet.
CEO Emiliano Grodsky said that after the mining ban in China the company doubled its market share. The relocation of miners to hosting outside the country may take some time, and the firm has the opportunity to take advantage of favorable economic conditions, he added.
“It is expected that mining difficulty will fall even further, and as we continue to receive and install new miners, Bitfarms’ market share and our block rewards should rise,” commented Grodsky.
As a reminder, Bitfarms purchased 48,000 devices from MicroBT for mining, with deliveries starting in January 2022.
The company also announced the construction of a data centre for Bitcoin mining in Argentina with a power capacity of up to 210 MW.