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The Bitcoin network hash rate has come a long way from lows in late June and early July during the worst of the China crypto mining crackdown. But as China-based companies relocated or sold their mining rigs to competitors, the hash rate has made a strong comeback.
Case in point: Tortonto-based Bitfarms (BITF) showed a nearly 400% increase in its Q2 revenue compared to the same time last year. That’s largely due to it having been able to up its hashrate, said CEO Emiliano Joel Grodzki.
“The current market is favorable to our global operation with the ban on crypto mining in China and the resultant shutdown of almost one-half of the network hashrate,” he said, “allowing us to increase our market share to just above 1.5% from less than 1.0% at the beginning of the year.”
Riot Blockchain (RIOT) increased its mining revenue by 1,540% to an all-time high of $31.5 million compared to Q2 2020. Meanwhile, Marathon Digital Holdings (MARA) saw revenues surge 220% compared to the same time last year.
Just before markets closed on Wednesday, Sept. 1, the Bitfarms stock price was at $5.93 per share – better than it’s been most of the year, but still has some ground to cover to reach its 2021 high mark of $7.08.
Marathon Digital Holdings was up 2.92% for the day, trading at $41.78 per share. And Riot Blockchain was trading at $36.73 per share, down slightly after rising to $38.60 earlier in the day.
The Bitcoin network hash rate has come a long way from lows in late June and early July during the worst of the China crypto mining crackdown. But as China-based companies relocated or sold their mining rigs to competitors, the hash rate has made a strong comeback.
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