Connect with us

Hi, what are you looking for?

Cryptocurrency

Bitcoin Production Rose 47.5% in July

Nasdaq-listed mining firm Bitfarms’ said its bitcoin generation rate climbed 47.5% in July, producing a total of 391 BTC, its best month to date.

  • Bitfarms’ monthly Bitcoin production has almost doubled since the start of the year, averaging around 13 BTC per day, according to a statement Thursday.
  • Fortune estimates that Bitfarms scored $14 million in profit in July, 80% more than in February, its lowest-output month of 2021.
  • The Canadian company has deposited 96% of the mined bitcoins, worth $69 million at July 31 prices, into custody, it said. The company expects to keep adding bitcoin to its balance sheet as output increases, said Emiliano Grodzki, Bitfarms founder and CEO.
  • Bitfarms now accounts for 1.5% of the global bitcoin hashrate and is North America’s largest publicly traded miner, it said.
  • The firm uses more than 99% hydroelectricity, it said.
  • Bitfarms shares rose 15% to close at $5.13.
source of news:coindesk

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...