Canada’s Bitfarms Bitcoin Mining Company: 1 BTC Mined Was Only $1,567 In Electricity Costs
When mining Bitcoin, efficiency is everything and so is cheap electricity. According to a recent report made by Bitfarms, a Bitcoin mining in Canada, it is spending only $1567 USD per BTC that it mines on the facility. The company is helped by the cool climate of Canada and the low cost of electricity because it uses renewable energy.
Only $1567 USD Per BTC
With the price of the Bitcoin hovering around $6800 USD, Bitfarm is able to secure a huge profit from mining it. The company was recently listed on the Tel Aviv Stock Exchange and it has consolidated good results for the first half of the year.
The reports show that the company was able to generate 1,923 BTC, 2,222 BCH, 3,324 LTC, 567 ETH and 220 DASH during the first half of the year. Paying only a little bit more than $1500 USD per BTC, the company had impressive results.
Other important numbers of the company include their mining operations’ revenue, which was of $21.1 million USD with a gross profit of $12.3 million USD and a net income of $6.2 million USD.
The company was also able to acquire a company with 40 electricians specialized in the creation and infrastructure of computing centers, which were able to install 6,500 ASIC miners for the company in Hyacinthe, Quebec.
Using Cheap, Clean Energy
The secret for the success of Bitfarms is to use cheap and renewable, clean energy. The company has bought land and two industrial properties in Sherbrooke, Quebec where it will build a mega facility to generate energy.
It was also able to negotiate with Hydro-Sherbrooker to secure 98 MW in low-cost energy for now, which is enough for an operation five times their current size. Bitfarms was also invested in creating a new 10 MW facility in Magog, Quebec.
The CEO of the company, Wes Fulford, affirms that he is very proud about the success of the company in the first half of the year. According to him, via a disciplined execution and a responsible financial management, the company was able to complete several key initiatives that helped to create an infrastructure with some of the lowest costs in the market.
Fulford intends to keep making the operation grow in size and efficiency to achieve a robust margin of strong revenues with mining, which can only be made by maintaining the low costs and the efficiency of the company even when the prices of the market are low.