The canadian company spends only $ 1567 for the extraction of one bitcoin. How does she do it?

Electricity is expense number one for each miner. The cost of producing one bitcoin, until recently, was considered one of the main growth factors of the price of the cryptocurrency.

However, the canadian company Bitfarms reported significant savings on energy sources. In the first half of this year the production of each coin cost Bitfarms just $ 1567. This writes the News.bitcoin.

How cheap mine Bitcoin

Stock exchange tel Aviv on which the shares are traded Bitfarms Technologies Ltd. (TASE: BLLCF), published a report on the consolidated results of the company for the first half. Equipment Bitfarms mined BTC 1923, 2222 BCH, 3324 LTC, ETH 567 and 220 DASH in the first six months of 2018.

Financial results for this period include revenues from mining (21.1 million dollars), gross profit (12.3 million dollars) and operating income (8.1 million dollars). Bitfarms also bought the company, whose staff consisted of 40 professional experts in the field of development of infrastructure for data centers.

Earlier, the mining company purchased land and two large industrial property in Sherbrooke. Guide Bitfarms held talks with the local energy company, Hydro-Sherbrooke and got a good deal on a 98 megawatts of cheap electricity. Due to this Bitfarms managed to reduce the cost of mining a single bitcoin to $ 1567.

CEO Bitfarms Wes Fulford pleased with the results.

Thanks to disciplined execution and responsible fiscal management, our team has successfully completed a number of key initiatives that are aligned with our strategic goals. We plan on providing cheap, clean energy to growing the infrastructure of cryptocurrency mining.

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