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Bitfarms Ltd T.BITF

Alternate Symbol(s):  BITF

Bitfarms Ltd. is a Canada-based global vertically integrated bitcoin mining company. The Company develops, owns, and operates vertically integrated mining farms with in-house management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers operational performance and uptime. The Company operates through the cryptocurrency mining segment. The Company operates server farms comprised of computers (Miners) designed for the purpose of validating transactions on the Bitcoin (BTC) Blockchain (Mining). The Company also operates Miners about 24 hours a day producing computational power (measured by hashrate) which it sells to Mining Pools under a formula-driven rate commonly known as Full Pay Per Share (FPPS). The Company has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.


TSX:BITF - Post by User

Comment by E17on Jan 09, 2021 5:20am
150 Views
Post# 32260593

RE:FP article

RE:FP articleIt is an interesting article, but to put things into perspective, the internet consumes over 6% of global electricity - Blockchain network approx 0.2%.

Estimated annual global Blockchain network CO2 emissions equate to 22,000 tons - equivalent to the carbon footprint of the London Stock Exchange in 2017 (although they have since reduced their carbon footprint by 50%).

Thankfully BITF is 100% powered by clean renewable competitively priced hydroelectric energy.  Of cource the argument is that there is an environmental carbon opportunity cost associated with such usage.

Once the industry becomes fully vertically integrated - i.e. owning their own renewable energy projects, then I don't see that there can be any argument at all, particulary when one also takes into account the efficiencies that Blockchain has the potential to introduce to traditional carbon intensive processes the world over!
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