NAIROBI (CoinChapter.com) – Bitfarms reported a 34% increase in Bitcoin earnings for July, attributing this growth to enhanced mining capacity and strategic expansions. The company mined 253 Bitcoin in July, valued at approximately $16.2 million.
The report marks an improvement from June when it produced 189 Bitcoin worth $12.1 million. Bitfarms’ CEO, Ben Gagnon, credited the company’s operational skills and improved efficiency for this rise.
Expanding Operations Boost Mining Output
Bitfarms attributed the increase in earnings to its fleet upgrade and expansion efforts, which have enhanced its operational capabilities. By July 31, Bitfarms reported a mining hashrate of 11.1 exa-hashes per second (EH/s), reflecting a year-on-year growth of 109% and a month-on-month increase of 7%.
The company’s average operational hashrate in July was 10.3, marking a 36% increase compared to June.
Following the Bitcoin halving in April, Bitfarms invested about $240 million in new mining equipment. This move added 88,000 miners to its fleet, aiming to triple the company’s hashrate.
Despite a 29% year-on-year drop in earnings post-halving, Bitfarms adapted quickly. CEO Ben Gagnon noted a 62% increase in Bitcoin earnings per month after the halving. The fully operational site in Paso Pe, Paraguay, and the rapid progress of four warehouses in Yguazu underscore the company’s growth.
Rising Bitcoin Holdings and Financial Strategy
Bitfarms sold 142 of the 253 Bitcoin mined in July for $8.6 million as part of its treasury management. The remaining 111 Bitcoin were added to its treasury, increasing its total holdings to 1,016 Bitcoin, valued at about $67.2 million as of July 31.
CFO Jeff Lucas stated in the Canadian Bitcoiners Podcast that the company’s growth supports its goal of achieving a mining capacity of 21 EH/s by year-end. Being fully funded allows Bitfarms to use excess cash flow from operations to enhance its Bitcoin holdings.
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