Bitfarms Sees 34% Monthly Earnings Boost from Fleet Upgrades and Expansion

cryptonews.com:

Bitfarms, a global vertically integrated Bitcoin mining company, has reported a 34% month-on-month (MoM) increase in earnings in its recent production report. The increase is primarily attributed to recent fleet upgrades and expansion.

Bitfarms CEO Ben Gagnon said that the company has earned 62% more Bitcoin since the Bitcoin halving event in April.

#Bitfarms Provides July 2024 Production and Operations Update

– Earned 253 BTC in July 2024
– 24.6 BTC/average EH/s
– Added 111 BTC, bringing Treasury to 1,016 BTC
– All five warehouses and eight hydro containers have been fully energized in Paso Pe
– Baie-Comeau expansion to 22… pic.twitter.com/gBfei3OYvd

— Bitfarms (@Bitfarms_io) August 1, 2024

In its July report released on August 1, Bitcoin mining company Bitfarms announced a 34% month-on-month (MoM) increase in earnings for July, following recent fleet upgrades and expansion efforts.

The company mined 253 BTC in July, valued at approximately $16.2 million at current market prices, up from 189 BTC (about $12.1 million) in June.

The company noted a 62% increase in Bitcoin mined per month since the April halving event, reflecting its operational expertise and improved efficiency.

Ben Gagnon, CEO, expressed confidence in Bitfarms’ growth trajectory, stating,

“As we continue to execute on the fleet upgrade program, we are gaining market share and driving increasing amounts of Bitcoin mined month-over-month.”

Bitfarms attributed the earnings boost to its increased mining hashrate.

Although in July, Bitcoin difficulty increased by 8.4%, impacting mining efficiency, Bitfarms earned 253 BTC during the month, up from 189 BTC in June but down from 378 BTC in July 2023.

The company’s operational hashrate reached 11.1 EH/s by the