Bitfarms Marks 21,000th Bitcoin Mined Using Entirely Renewable Energy

Renewable hydropower produced 1/1,000 of all BTC to ever be mined

Bitfarms Ltd. a global vertically integrated Bitcoin mining company, announces that in six years of operations it has mined 21,000 BTC with renewable hydropower.

Read More about AiThority Interview: AiThority Interview with Ahmad Al Khatib, CEO and Founder at Qudo

“On May 7th, 2023, Bitfarms achieved an important milestone by producing its 21,000th BTC mined with renewable power, representing 1/1,000 of all BTC to ever be mined,” said Geoff Morphy, CEO of Bitfarms. “Leading the industry, this accomplishment is a testament to the proven capabilities of our mining operations that have powered on average between 1% and 2% of the BTC network, and we are proud to have done so with sustainable hydropower.

Morphy continued, “Bitfarms recognized early on the advantages of hydropower as a renewable energy resource and its sustainable and consistent economics. Our hydropower contracts provide a low direct cost of production and deliver higher mining margins than if we prioritized exahash growth alone. Bitfarms strategic expansions into Washington state and Paraguay are similar to our initial operations in Quebec, as we take advantage of excess hydropower infrastructure that became available with the migration of heavy industry. We have harnessed sustainable power with favorable economics for our shareholders, while simultaneously revitalizing communities with new jobs, capital investment, incremental tax revenues, and upgrades to the local electrical infrastructure. We thank our shareholders, directors, and team members, past and present, who made this great achievement possible.”

AiThority Interview Insights: AiThority Interview with Vova Kyrychenko, CTO at Xenoss

BTC Network Protocol and 21 Million BTC Limitation
Bitcoin is a cryptocurrency that operates on a decentralized network of computers. One of its most distinctive features is that there is a maximum limit of 21 million BTC that can ever be created. This limit was built into the Bitcoin protocol from the beginning and is expected to be reached in the year 2140.

As of May 7th, 2023, there were approximately 19.4 million BTC in circulation, with a total value of approximately $550 billion. The remaining 1.6 million BTC are expected to be mined over the next century or so, with the rate of new BTC creation slowing down over time due to a process known as the “halving”. The next halving event is expected to occur in the year 2024.

Having mined 21,000 BTC, Bitfarms has now produced one of every 1,000 BTC that will ever be created. With its extensive portfolio of hydro powered operations, it has achieved this using 100% renewable energy. This accomplishment has been permanently memorialized on the Bitcoin blockchain at block 788,607.

 Latest AiThority Interview Insights : AiThority Interview with Brad Anderson, President of Product and Engineering at Qualtrics

 [To share your insights with us, please write to sghosh@martechseries.com]