Bitfarms boosts production by 33%, increases Bitcoin holdings above 1,000 BTC

Bitfarms said its Bitcoin production and holdings increased last month despite the rising mining difficulty, according to an Aug. 31 statement.

The crypto miner revealed a 33.8% rise in Bitcoin production for July, attributed to a higher hashrate. Bitfarms mined 254 BTC in July, up from 189 BTC in the previous month. The firm also grew its hashrate to 11.1 EH/s by the end of July from 10.4 EH/s.

Bitfarms CEO Ben Gagnon said:

“Since the halving event in April, our Bitcoin mined per month has increased 62%. This speaks volumes to our operational expertise and improved efficiency, and I am confident that we are well-positioned to further accelerate our growth and drive value for shareholders.”

Gagnon furthered that the miner’s largest site, measured by MWs and hashrate in Paso Pe, Paraguay, is now fully operational.

Challenges faced in July

Despite the progress, Bitfarms faced an 8.4% increase in mining difficulty last month and navigated challenges related to Riot Platforms’ hostile takeover attempt.

Gagnon explained that the firm’s hashrate remains below the 12 EH/s target due to the underperformance of around 3000 T21 Bitmain miners, which “experienced overheating issues even at lower temperatures.”

He added:

“Bitmain is rapidly replacing these machines at their expense. The new miners are expected to arrive and be installed on site in three weeks. We have worked closely with Bitmain to resolve these manufacturing issues and to prevent a re-occurrence in future batches, including August deliveries.”

BTC holding rise

Bitfarms stated that its improved Bitcoin production helped to increase its treasury of the flagship digital asset.

The company sold 142 of the 253 BTC mined in July for $8.6 million in total as part of its regular Treasury management. The remaining 111 BTC were added to its Treasury, boosting its total holdings to 1,016 BTC, valued at approximately $67.2 million as of July 31.

Bitfarms’ CFO Jeff Lucas noted that the company’s continued growth supports its goal of achieving a mining capacity of 21 EH/s and 21 w/TH by year-end. He said:

“Being fully funded reduces our near-term capex requirements and allows us to apply a greater amount of excess cash flow from operations to building our HODL.”

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Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.