Bitfarms (NASDAQ:BITF) Stock Regains Momentum After The Recent Consolidation

Publicly traded Bitcoin mining company, Bitfarms (CVE:BITF) (NASDAQ:BITF) accounting for 1.5% of the total Bitcoin network with more than 99% green hydroelectricity, announced bitcoin production update.

The firm confirmed mining 1,357 Bitcoin in first six months of 2021, largest mined in North America. It also received and installed 1,500 Bitcoin miners from MicroBT in Bitfarms’ Magog data center.

Bitcoin had some issues in July due to macro developments in China, resulting in the company producing higher quantities of Bitcoin at a lower cost per Bitcoin produced.

Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer, said that the company has been a leading publicly traded producer of Bitcoin in last 18 months. Grodzki added that the recent ban on bitcoin mining in china has allowed it to doubled it market share producing 13 Bitcoin per day.

The company uses more than 99% renewable electricity but a Cambridge study says that Bitcoin consumes more energy in a year than Argentina.

Bitfarms Chief Mining Officer Ben Gagnon refuted that comparing Bitcoin on emissions to countries is unfortunate as it has been around for barely 12 years while issue of climate change emissions has been around for 270 years.

Gagnon added that the bitcoins share has beenjust 0.028% of the total energy consumption.

According to the Global Carbon Project, 34 billion metric tons of carbon emissions were produced in 2020, which is 620 times greater than Bitcoin’s current estimated average annual carbon emissions.