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Bitfarms said its Bitcoin accumulation and holdings accrued past period contempt the rising mining difficulty, according to an Aug. 31 statement.
The crypto miner revealed a 33.8% emergence successful Bitcoin accumulation for July, attributed to a higher hashrate. Bitfarms mined 254 BTC successful July, up from 189 BTC successful the erstwhile month. The steadfast besides grew its hashrate to 11.1 EH/s by the extremity of July from 10.4 EH/s.
Bitfarms CEO Ben Gagnon said:
“Since the halving lawsuit successful April, our Bitcoin mined per period has accrued 62%. This speaks volumes to our operational expertise and improved efficiency, and I americium assured that we are well-positioned to further accelerate our maturation and thrust worth for shareholders.”
Gagnon furthered that the miner’s largest site, measured by MWs and hashrate successful Paso Pe, Paraguay, is present afloat operational.
Challenges faced successful July
Despite the progress, Bitfarms faced an 8.4% summation successful mining difficulty past period and navigated challenges related to Riot Platforms’ hostile takeover attempt.
Gagnon explained that the firm’s hashrate remains beneath the 12 EH/s people owed to the underperformance of astir 3000 T21 Bitmain miners, which “experienced overheating issues adjacent astatine little temperatures.”
He added:
“Bitmain is rapidly replacing these machines astatine their expense. The caller miners are expected to get and beryllium installed connected tract successful 3 weeks. We person worked intimately with Bitmain to resoluteness these manufacturing issues and to forestall a re-occurrence successful aboriginal batches, including August deliveries.”
BTC holding rise
Bitfarms stated that its improved Bitcoin accumulation helped to summation its treasury of the flagship integer asset.
The institution sold 142 of the 253 BTC mined successful July for $8.6 cardinal successful full arsenic portion of its regular Treasury management. The remaining 111 BTC were added to its Treasury, boosting its full holdings to 1,016 BTC, valued astatine astir $67.2 cardinal arsenic of July 31.
Bitfarms’ CFO Jeff Lucas noted that the company’s continued maturation supports its extremity of achieving a mining capableness of 21 EH/s and 21 w/TH by year-end. He said:
“Being afloat funded reduces our near-term capex requirements and allows america to use a greater magnitude of excess currency travel from operations to gathering our HODL.”
The station Bitfarms boosts accumulation by 33%, increases Bitcoin holdings supra 1,000 BTC appeared archetypal connected CryptoSlate.
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