Bitfarms, a Nasdaq-listed mining company in Canada that produces bitcoin and other cryptocurrencies with their vast network of server farms. In July they outdid themselves by producing 391 BTC which is the best month to date for this Canadian firm.
For reference, Bitfarms averages around 13 BTC per day according to Fortune estimation reports at $14 million in profit on an estimated 80% increase since February as Bitcoin’s price has increased rapidly recently.
The Canadian company Bitfarms is mining bitcoins and adding those to its balance sheet. The company has deposited 96% of the mined coins, worth $69 million at July 31 prices into custody as output increases.
This accounts for 1.5% in global bitcoin hashrate currently with North America’s largest publicly traded miner status given their dominance on this continent’s market share.
Bitfarms, a Canadian company that specializes in the production of Bitcoin mining equipment and operates one of North America’s largest cryptocurrency data centers, has announced its solar panel installation will be completed within two weeks.
The firm said it uses more than 99% hydroelectricity to power their operations- an environmentally sound choice considering Canada is highly susceptible to climate change which could threaten water availability for both electricity generation as well as human consumption.