1 BTC extract was only $ 1,567 in electricity costs

When Bitcoin is extracted, efficiency is everything and therefore electricity is cheap. According to a recent Bitfarm report, a Bitcoin mine in Canada is spending only $ 1567 USD for BTC that it extracts on the facility. The company is helped by the fresh climate of Canada and the low cost of electricity because it uses renewable energy.

Only $ 1567 USD for BTC

With the price of Bitcoin which is around $ 6800 USD, Bitfarm is able to get a huge profit from mining. The company was recently listed on the Tel Aviv stock exchange and consolidated good results for the first half of the year.

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 just over $ 1500 USD for BTC, the company achieved impressive results.

Other important company numbers include revenue from their mining operations, which was $ 21.1 million USD with a gross profit of $ 12.3 million USD and net income of $ 6.2 million USD.

The company was also able to acquire a company with 40 electricians specializing in the creation and infrastructure of computer centers, which were able to install 6,500 ASIC miners for the company in Hyacinthe, Quebec.

Using Economics, Clean Energy

The secret of Bitfarm's success is the use of low-cost and renewable clean energy. The company has purchased land and two industrial properties in Sherbrooke, Quebec, where it will build a mega structure to generate energy.

He was also able to negotiate with Hydro-Sherbrooker to secure 98 MW of low-cost energy per hour, which is enough for an operation five times their current size. Bitfarm has also been invested in the creation of a new 10 MW plant in Magog, Québec.

The company's CEO, Wes Fulford, claims to be very proud of the company's success in the first half of the year. According to him, through disciplined execution and responsible financial management, the company was able to complete several key initiatives that helped create an infrastructure with some of the lowest costs in the market.

Fulford intends to continue to grow the operation in terms of size and efficiency to achieve a solid margin of strong revenue with the mining sector, which can only be achieved while maintaining low cost and company efficiency. even when market prices are low.