Bitfarms Ltd (NASDAQ:BITF) Stock Witnesses Bullish Momentum: Now What?

Largest publicly traded bitcoin mining company harnessing 99% renewable electricity, Bitfarms Ltd (NASDAQ:BITF), is being seen as consuming more energy in a year than Argentina, according to a recent analysis by Cambridge University, as per reports on July 26, 2021.

The study suggests Bitfarms would be amongst the top 30 energy consuming if it was a country.

Ben Gagnon, Chief Mining Officer said that comparing Bitcoin with countries seems like it is a leading source of emission but it should be noted that it has just been there 12 years. Gagnon added that emissions pertaining to climate change go back to 1750, meaning 21 times longer than Bitcoin existed.

The Chief Mining Officer said that Bitfarmsshare of global emissions has just been 0.028%.

It is estimated that 34 billion metric tons of carbon emissions were emitted in 2020, which is 620 times more than Bitcoin’s current estimated average annual carbon emissions.

Bitfarms has operated blockchain computing centerspowering global economy and is showcasing its continued growth by uplisting to the Nasdaq Stock Market.

The firm commenced trading on NASDAQ on June 21st. It is listed as a significant milestone after many years of growth and development.

Bitfarms founder and CEO Emiliano Grodzki said that since its founding, it has been a leader in industry in setting highest standards for mining operations and uplistingis prestigious.

Bitfarms also announced production update with the company mining Bitfarms1,357 Bitcoin in the first six months of 2021.

The firm mined 1,515 Bitcoin on a year-to-date basis. The firm said it experienced its largest difficulty due to recent macro developments in China.