Bitcoin mining faced some serious challenges after China shut down mining facilities in the country and Elon Musk questioned its impact on the environment. Using renewable energy ultimately became a better and efficient solution for mining Bitcoin. Some were skeptical of this method’s success and efficiency.
However, it appears that Musk’s objections and China’s crackdown have worked in favor of the flagship cryptocurrency. According to reports, the popular mining company, Bitfarms, has doubled the production of BTC using over 99% renewable energy.
The success of mining Bitcoin with green energy is expected to take the digital asset to the next level. It is also anticipated to revolutionize the entire crypto market.
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How Has China’s Ban Made a Difference?
As per previous reports, China banned all mining operations in the country and shut down the facilities. This caused the Bitcoin miners to migrate to other countries such as U.S.A and Kazakhstan.
According to the Canadian Bitcoin mining company, Bitfarms, this has worked for the best for mining Bitcoin. The productivity has significantly increased with a decrease in the difficulties faced by miners.
Bitfarms has claimed in a tweet that it is currently powering approximately 1.5% of the entire BTC network with green energy.
On July 14th, the company shared a production update that revealed a few facts.
- The firm mined 1,357 Bitcoin in the first half of 2021.
- This is the largest number of Bitcoin that has been mined in North America.
- The company plans on mining 400 more BTC in July.
- This would be 100% more Bitcoin as compared to January and 50% more than June.
These numbers were also shared by Bitfarms on Twitter.
The CEO and founder of Bitfarms, Emiliano Grodzki, has stated that the shutting down of BTC mining operations in China has had a positive impact on the company. This is because its market shares have almost doubled and Bitcoin is now being mined with fewer difficulties.
Around 1500 BTC miners from MicroBT have already been installed in the company’s Magog data center. This will further increase the number of Bitcoin mined at a lower cost per unit.
Can This Add to the Value of Bitcoin?
The objections raised by Elon Musk regarding the effects of BTC mining on the environment were concerning for many. However, this can also be seen as a positive push for the flagship crypto asset. Mining BTC with renewable energy is a game-changer and can take the digital currency to new heights.
However, there is no certainty at the moment, whether it will add to its value or not. Bitcoin is the largest cryptocurrency and currently trading at $32,641 (at the time of writing). An increase in its price has been anticipated but not witnessed in real life yet.
Despite the uncertainty regarding its price, its significance is still intact. Therefore, if you are interested in purchasing BTC make sure you use the best Bitcoin exchanges.
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