Toronto-based Bitcoin mining company, Bitfarms, recently announced that its operational hash rate reached an impressive 11.1 EH/s by the end of July. This marked a significant 109% year-over-year increase and a 7% rise month-over-month. The company reported that the average operational hash rate for the month stood at 10.3 EH/s, representing a 36% increase from June.
Despite facing a 1% decline in Bitcoin per EH/s due to a surge in network difficulty, Bitfarms was able to offset this challenge with the deployment of Bitmain T21 miners. This move helped the company generate 253 BTC in July, indicating a notable 34% month-over-month increase. However, this figure was 33% lower than the previous year.
Financial Update
Bitfarms also revealed that it sold 142 BTC for $8.6 million in July, while the remaining 111 BTC bolstered its treasury holdings to 1,016 BTC, valued at around $67.2 million. On average, the company earned 8.2 BTC per day, translating to approximately $542,000 daily based on the BTC price of $66,100 at the end of the month.
In Québec, Bitfarms’ Baie-Comeau facility expansion to 22 MW is set to be completed by September 1st this year. In Paraguay, the Paso Pe and Yguazu sites are progressing well, with all warehouses and hydro containers at Paso Pe fully energized and actively hashing. CEO Ben Gagnon expressed optimism about the company’s growth trajectory, mentioning that Bitfarms’ Bitcoin mined per month has surged by 62% since the halving event in April.
Despite the company’s strong performance, Bitfarms is facing a manufacturing setback with approximately 3,000 T21 miners, accounting for about 700 PH/s, not performing as expected due to overheating issues. To address this problem, Bitmain is replacing these malfunctioning units at their own expense, with new miners expected to arrive and be installed within three weeks. Bitfarms is actively collaborating with Bitmain to resolve these manufacturing issues and prevent similar problems in future batches.
Looking Ahead
Despite the setback, Bitfarms remains confident in its operational capabilities, emphasizing that the majority of T21 miners are performing and hashing correctly. The company also highlighted that further site optimizations and software enhancements are anticipated to improve performance in the coming months, underscoring its commitment to driving value for shareholders.
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