Since the Bitcoin halving in April this year, Bitfarms has seen its earnings rise by 62%.
Bitfarms, a Bitcoin mining company based in Toronto, reported that its operational hash rate reached 11.1 EH/s by the end of July, showing a 109% increase from the previous year and a 7% increase from the previous month. The average operational hash rate for July was 10.3 EH/s, which was a 36% increase from June.
Even though there was a 1% drop in Bitcoin per EH/s due to higher network difficulty, the deployment of Bitmain T21 miners helped mitigate this issue.
In July, Bitfarms generated 253 BTC thanks to the higher hash rate, a 34% increase from the previous month but 33% less than the previous 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, worth about $67.2 million.
On average, Bitfarms earned 8.2 BTC per day, which translated to approximately $542,000 per day based on the Bitcoin price of $66,100 at the month's end.
The expansion of Bitfarms’ Baie-Comeau facility in Québec to 22 MW is set to be completed by September 1st. In Paraguay, both the Paso Pe and Yguazu sites are progressing well, with all five warehouses and eight hydro containers at Paso Pe fully operational.
CEO Ben Gagnon stated that since the halving event in April, Bitfarms has increased the amount of Bitcoin mined each month by 62%. He attributed this growth to the company's operational expertise and efficiency, expressing confidence in further accelerating growth and driving value for shareholders.
Gagnon also mentioned that Bitfarms' hash rate is still below its 12 EH/s target due to about 3,000 T21 miners, which account for roughly 700 PH/s, not performing as expected due to overheating issues. Bitmain is replacing these malfunctioning units at no cost, with new miners expected to be installed within three weeks. Bitfarms is working with Bitmain to resolve these issues and prevent similar problems in future batches.
Despite this setback, the majority of T21 miners are functioning correctly. Gagnon also noted that further site optimizations and software improvements are expected to enhance performance this month.
