Originally published on: August 02, 2024
Bitfarms, a leading Bitcoin mining company, has reported a significant 34% increase in monthly earnings thanks to a surge in its mining hashrate. Following recent fleet upgrades and expansion efforts, the company’s operations generated 253 BTC in July, equivalent to approximately $16.2 million at current market rates. This marks a substantial increase from the 189 BTC ($12.1 million) earned in June.
The boost in income can be attributed to Bitfarms’ ongoing fleet upgrades and expansion initiatives. By the end of July, the company had an operational hashrate of 11.1 exahashes per second (EH/s), representing a 109% year-on-year increase and a 7% month-on-month increase. Additionally, the average operational EH/s in July was 10.3, up 36% from the previous month.
After the Bitcoin halving event earlier this year, Bitfarms announced plans to triple its hashrate by investing approximately $240 million in upgrading its mining equipment and adding 88,000 more miners. This strategic decision seems to be paying off, as the company’s earnings are now on the rise.
CEO Ben Gagnon expressed optimism in a recent earnings report, noting that the firm has seen a 62% increase in Bitcoin earnings per month since the halving event. Gagnon also highlighted the progress of the company’s largest site in Paraguay, Paso Pe, which is now fully operational, with construction ongoing in Yguazu where four warehouses are being built.
However, despite the positive momentum, Bitfarm’s current hashrate is still below its target of 12 EH/s due to overheating issues with a batch of miners. The company is working closely with hardware provider Bitmain to address the problem, with replacements expected to be delivered in August.
In the dynamic world of Bitcoin mining, Bitfarms’ commitment to technological advancement and operational efficiency sets it apart as a key player in the industry. With a focus on sustainability and growth, the company is well-positioned to continue its upward trajectory in the months to come.