Canada’s Bitfarms Crypto Mining Company Launches New Bitcoin Mining Pool and Rewards
Bitfarms cryptocurrency mining company has announced the introduction of a new pool format. In its press release, the company indicated that new members who join before November 15 would be entitled to 0% commission for a lifetime. After this window closes, the form will charge a commission of 1%. Bitfarms had announced in September that it would establish a new mining pool using its own hardware. Notably, the company said that the new pool would not admit new users.
Wes Fulford, the CEO of Bitfarms, said that the experience has been seamless since the company migrated their equipment to their own mining pool in September. For this reason, the firm is looking to commercialize the mining pool that will be open to new participants.
Currently, Bitfarms run four digital currency mining facilities based in Quebec, Canada. The plans consume 27.5 MW of electricity and specialize in mining Bitcoin, Bitcoin Cash, Dash, Ethereum, and Litecoin. In the first half of 2018, the company recorded impressive financial performance, amassing profits worth $4.9 million and $22.3 million in revenue. The primary source of these returns is cryptocurrency mining.
Several cryptocurrency mining has set up their facilities in Quebec. The Canadian province is favored by such institutions because of their affordable electricity charges. However, Hydro-Quebec, the local electricity provider, recently sparked controversy by overcharging new operators.
Bitfarms, previously known as Backbone Hosting Solutions, was established by veteran crypto miners, Pierre-Luc Quimper and Mathieu Vachon. The two Canadians ventured into crypto mining proper in 2017. Earlier in April, the company merged with an Israeli firm to obtain a listing in the Tel Aviv Stock Exchange. Quimper has been quoted saying that Bitfarms intends to become a fully-fledged vertical integrated blockchain company. The creation of the mining pool is the first step towards this goal.
Indeed, Bitfarms is working hard to become an independent blockchain-based platform. So far, the firm has acquired its own electricity company and built a microelectronics laboratory. The lab is primarily used as a repair center for mining hardware which is mainly sourced from Bitmain.