Since the Bitcoin halving in April this year, Bitfarms has seen a 62% boost in its earnings.
The Toronto-based Bitcoin mining company reported that by the end of July, its operational hash rate was 11.1 EH/s, a 109% increase compared to the previous year and a 7% rise from the previous month. The average hash rate for July was 10.3 EH/s, 36% higher than in June.
Despite a slight 1% drop in Bitcoin per EH/s due to increased network difficulty, Bitfarms managed to counter this with the deployment of Bitmain T21 miners.
In July, Bitfarms produced 253 BTC thanks to the higher hash rate, a 34% increase from the previous month but 33% less than the same month last year. The company sold 142 BTC for $8.6 million and added the remaining 111 BTC to its treasury, bringing its total holdings to 1,016 BTC, valued at about $67.2 million.
On average, Bitfarms earned 8.2 BTC daily in July, translating to approximately $542,000 per day based on the Bitcoin price of $66,100 at month's end.
Bitfarms is also expanding its Baie-Comeau facility in Québec to 22 MW, with completion expected by September 1st. In Paraguay, progress is being made at the Paso Pe and Yguazu sites, with all five warehouses and eight hydro containers at Paso Pe fully energized and operational.
CEO Ben Gagnon expressed confidence in the company's growth, noting that despite some challenges with certain miners, Bitfarms is gaining market share and improving efficiency. They are working with Bitmain to resolve issues with some malfunctioning units, with replacements expected within three weeks. Most of the T21 miners are functioning well, and further improvements are anticipated.
