Toronto-based Bitcoin mining company Bitfarms has recently announced a significant milestone in its operations. By the end of July, the company’s operational hash rate had soared to 11.1 EH/s, marking an impressive 109% increase year-over-year and a 7% rise month-over-month. This achievement reflects the company’s commitment to continually enhance its mining capabilities and stay ahead in the competitive cryptocurrency industry.
The average operational hash rate for the month of July stood at 10.3 EH/s, representing a substantial 36% growth from the previous month. Despite a slight 1% decline in Bitcoin per EH/s due to heightened network difficulty, Bitfarms successfully navigated this challenge with the deployment of Bitmain T21 miners. These advanced miners played a crucial role in offsetting the impact of the network difficulty surge, allowing Bitfarms to maintain its operational efficiency and profitability.
According to the latest press release, Bitfarms generated 253 BTC in July as a result of its increased hash rate. This figure marked a notable 34% month-over-month increase, although it fell short of the previous year’s performance by 33%. The company also announced the sale of 142 BTC for $8.6 million, with the remaining 111 BTC adding to its treasury holdings, which now amount to 1,016 BTC valued at around $67.2 million. On average, Bitfarms earned 8.2 BTC daily, translating to approximately $542,000 per day based on the BTC price at the end of July.
In terms of expansion plans, Bitfarms revealed that its Baie-Comeau facility in Québec is on track to reach 22 MW capacity by September 1st this year. Additionally, the company’s operations in Paraguay at both the Paso Pe and Yguazu sites are progressing well, with significant developments in infrastructure and energy supply. The successful energization of all five warehouses and eight hydro containers at Paso Pe demonstrates Bitfarms’ commitment to expanding its global footprint and increasing its mining capabilities.
CEO Ben Gagnon acknowledged that Bitfarms’ hash rate is still below the targeted 12 EH/s due to issues with a batch of approximately 3,000 T21 miners. These miners, accounting for about 700 PH/s collectively, have been experiencing overheating problems even in cooler conditions. To address this issue, Bitmain is replacing the malfunctioning units at their own expense, with new miners scheduled to be installed within three weeks. Bitfarms reassured stakeholders that they are actively collaborating with Bitmain to resolve manufacturing issues and prevent similar problems in future batches, including those expected in August.
Despite these setbacks, Gagnon expressed confidence in Bitfarms’ overall performance, noting that the majority of T21 miners are functioning as intended. He emphasized ongoing site optimizations and software enhancements as key strategies to improve performance and operational efficiency in the coming months. Gagnon’s optimism and strategic foresight underline Bitfarms’ commitment to maximizing its mining capabilities, driving growth, and delivering value to shareholders in the dynamic cryptocurrency landscape.
Bitfarms’ record-breaking operational hash rate and financial performance reflect the company’s resilience, adaptability, and strategic vision in the competitive Bitcoin mining industry. With a strong focus on technological innovation, operational efficiency, and market leadership, Bitfarms is poised to continue its upward trajectory and solidify its position as a key player in the global cryptocurrency ecosystem.