According to Bitfarms CEO Emiliano Grodzki, 50% of the network hash rate has been shut down since China banned cryptocurrency mining, which allowed his company's market share to increase from 1% since the beginning of 2021 to 1.5% in the second quarter above. And because North American mining companies began to account for a more significant portion of the Bitcoin network computing power, mining revenue in the second quarter increased by 35% from the previous quarter to a record high of 31.5 million U.S. dollars.
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