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Bitfarms Boosts Bitcoin Production with Mining Fleet Upgrades

Bitfarms Boosts Bitcoin Production with Mining Fleet Upgrades

Jul 1, 2024
Bitcoin Mining

Bitfarms Boosts Bitcoin Production with Mining Fleet Upgrades

Canadian bitcoin mining company Bitfarms has reported a significant increase in bitcoin production and realized hashrate after upgrading its mining fleet, as reported by TheMinerMag. According to a production update released on Monday, the company mined 189 BTC in June, a 21% rise from May. The update also showed an increase in realized hashrate to 7.61 EH/s, up by 20% compared to the previous month.

Ben Gagnon, Bitfarms’ chief mining officer, highlighted the company's efforts, saying, "We ended June with 11.4 EH/s installed, 10.4 EH/s operational, and an efficiency of 25 J/TH," noting that upgrades at all Quebec facilities were complete. Gagnon disclosed that over 39,000 new bitcoin miners were installed, and an equal number of older units were decommissioned in the first half of the year.

The boost in hashrate aligns with the competitive landscape among public bitcoin mining companies, which have collectively preordered over $1 billion worth of the latest generation equipment in anticipation of the next bitcoin halving event.

In addition to its Canadian operations, Bitfarms energized a 70-megawatt substation in Paso Pe, Paraguay, in June. However, shipping delays have postponed the installation of an additional 600 PH/s until July.

To support ongoing operations, Bitfarms sold 71% of its mined bitcoin in June. At month's end, the company's balance sheet showed 905 BTC, valued at approximately $57 million.

The company is also expanding its U.S. footprint, having signed a lease in June for a site in Pennsylvania with a 12 MW immediate power capacity. This expansion is part of Bitfarms' strategy to deter a hostile takeover bid by U.S. rival Riot.

Philippe Fortier, SVP of Corporate Development, expressed confidence in the Sharon, Pennsylvania site's potential to provide long-term access to low-cost U.S. energy and flexible power trading options. Jeff Lucas, Chief Financial Officer, indicated that the 2025 power capacity target had more than doubled to 648 MW from the current 310 MW.

Bitfarms also reported that despite severe weather in June impacting logistics and operations, leading to moderate delays and underperformance, the Paso Pe substation's energization represented a significant step in the company’s expansion.

Bitfarms' recent upgrades and strategic expansions signify its commitment to scaling operations and solidifying its position in the competitive bitcoin mining industry. With new facilities coming online and a clear target set for 2025, Bitfarms is poised to continue its growth trajectory, despite the challenges posed by the ongoing takeover battle with Riot.

Bitfarms Press Release

TheMinerMag Article


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