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