As most of you have noticed, Bitcoin has been highly criticized this month, especially after Elon Musk announced that BTC mining is using more and more fossil fuels. The reaction of the media from all over the world did not take long, and they became more and more interested in how much BTC actually consumes in terms of non-renewable energy and what impact it could have.
However, there is nothing to discuss in this regard, just look at the latest statistics from the University of Cambridge, which show that hydropower is a clear favorite, reaching as much as 62% of all hashers.
For those for whom it is not enough, we have another and slightly more specific example today, namely the company BitFarms.
One of the largest North American Bitcoin mining farms announced today that it has managed to mine more than 1,000 BTCs, and only purely with hydroelectricity.
BitFarms specifically managed to mine up to 1,006 Bitcoins year-to-date, which is approximately $ 36.5 million at current prices. This company thus recorded one of the largest volumes among publicly traded cryptocurrency mining companies.
Since inception, we have worked at building a world-class and vertically-integrated mining company achieving high levels of efficiency. This year Bitfarms is experiencing our fastest rate of growth ever. We expect to more than double our installed hydropower infrastructure in Québec, triple our operational hashrate in 2021 and be trading on both the TSX Venture Exchange and Nasdaq soon, Emiliano Grodzki, Bitfarms’ Chief Executive Officer
According to published information, Bitfarms is currently able to mine approximately 7.8 Bitcoins per day at a cost of approximately $ 9,500. „This means that Bitfarms is both adding Bitcoin to its balance sheet at one of the fastest rates and with some of the lowest costs in the world.“ Bitfarms stated