Bitfarms Mines 378 Bitcoins in July, Plans Hydropower Expansion Amid Market Challenge

Regardless of a disciplined development technique and a powerful observe file, the corporate confronted some setbacks, nevertheless it stays optimistic about its future prospects.

In July, Bitfarms mined a complete of 378 Bitcoins, which marked a slight decline of about 2.1% in comparison with the earlier month and a major year-on-year lower of 24.4%. The full computing energy of the corporate remained regular at 5.3EH/s by the top of July.

Throughout the identical interval, Bitfarms managed to promote 333 Bitcoins for a complete of $9.9 million. This means the corporate’s potential to capitalize available on the market and monetize its manufacturing successfully.

Geoff Morphy, the CEO of Bitfarms, emphasised the corporate’s give attention to securing low-cost energy and investing capital properly to realize compelling projected returns. Consistent with this technique, the corporate initiated an enlargement plan to double its hydropower capability to 350 MW by buying 150 MW of under-utilized hydropower in Paraguay. The enlargement goals to leverage the corporate’s trade data and economies of scale to boost manufacturing effectivity. Development on the primary 50 MW facility is ready to start in Q3 2023.

Bitfarms additionally began manufacturing at its eleventh farm in Baie-Comeau in July, with plans to succeed in 11 MW of manufacturing in Q3 2023 and a further 11 MW scheduled to come back on-line in 2H 2024. This transfer will improve Bitfarms’ Quebec portfolio to eight websites and 170 MW of low-cost hydropower.

Nevertheless, the corporate confronted challenges in the course of the month. The BTC manufacturing lower was partly attributed to the affect of intense climate occasions, equivalent to file temperatures and unprecedented wildfires, which led to poor air high quality in Quebec. This compelled Bitfarms to quickly throttle again its miners. Moreover, the Magog farm skilled a 7-day outage attributable to a direct lightning strike that disabled its main electrical energy transformer, however the firm’s redundancy and geographic diversification methods helped decrease the general manufacturing affect. With a talented in-house electrical subsidiary and reserve gear, Bitfarms was in a position to restore manufacturing shortly, mitigating potential losses.

The common BTC value in July rose to $30,100, representing a 9.1% improve from the earlier month. Out of the 378 BTC mined, 333 BTC have been offered, and 45 BTC have been added to the corporate’s treasury, which reached 594 BTC by the top of July 2023.

Bitfarms additionally reported an general 1.8% lower in BTC manufacturing in July in comparison with June, largely attributable to disruptions attributable to excessive climate circumstances. Community issue elevated by 3.3% in July as miners continued to put money into capability to organize for anticipated larger Bitcoin costs. The elevated issue has improved mining economics by 21.0% year-to-date, contemplating a roughly 76.5% rise in BTC value in the identical interval.

Regardless of the challenges, Bitfarms stays assured in reaching its Q3 2023 goal hashrate of 6.3 EH/s as miner deliveries and installations progress easily in Rio Cuarto, Argentina. The corporate’s enlargement plans and environment friendly operations point out a promising future for Bitfarms amid the dynamic cryptocurrency market.

DISCLAIMER: The data on this web site is offered as normal market commentary and doesn’t represent funding recommendation. We encourage you to do your individual analysis earlier than investing.

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