Blockchain infrastructure firm Bitfarms has optimised mining operations in real-time to maintain maximum computer capacity all through the on-going economic and social turmoil caused by the COVID-19 pandemic.
Bitfarms has been able to maintain an average daily hashrate of about 630 petahash per second (PH) since a significant decline in Bitcoin price on March 12 till the price recovery at or above $6,000 on 19 March. It maintained an average daily hashrate of approximately 750 PH.
Emiliano Grodzki, interim CEO/CSO, said: “Cryptocurrency mining is essential to the Bitcoin blockchain and given the self-incentivised model upon which Bitcoin mining works, we firmly believe that the combination of network difficulty and Bitcoin price will continue to adjust to ensure profitability for mining for the largest and most efficient miners.
“Our strategy has always been to be a leader amongst our peers in efficiency and we are pleased to see that, despite the challenges to traditional markets, our scale and quality of operations has allowed us to continue to generate positive cash flow in these difficult times,” added Grodzki.
In February, Riot Blockchain announced it would shut down its crypto exchange and refocus on mining activity citing several risks. Riot said: “the evolving regulatory environment, cybersecurity risks, and the current competitive landscape facing US-based cryptocurrency exchanges.” The greater move to mining has been coming, as the company has been upgrading its Oklahoma City mining facility, as well as purchasing 4,000 S17 miners from crypto mining product vendor Bitmain at the end of last year.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.