Iris Coleman
Aug 01, 2024 13:45
Bitfarms earned 253 BTC in July 2024, elevated HODL to 1,016 BTC, and expanded operational hashrate to 11.1 EH/s, in accordance with GlobeNewswire.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a world vertically built-in Bitcoin mining information heart firm, has introduced its manufacturing replace for July 2024. Based on GlobeNewswire, the corporate earned 253 BTC in July, marking a 34% enhance month-over-month. The corporate’s HODL (maintain on for pricey life) technique noticed a lift, with reserves rising to 1,016 BTC.
Operational Growth and Effectivity
Bitfarms has reported a rise in its operational hashrate to 11.1 EH/s, a 7% rise from June 2024. The corporate’s fleet improve program is contributing to this progress, with CEO Ben Gagnon highlighting the effectivity enhancements publish the April halving occasion. “Our Bitcoin mined per thirty days has elevated by 62% for the reason that halving occasion, demonstrating our operational experience and improved effectivity,” Gagnon acknowledged.
In Paraguay, the Paso Pe web site is now absolutely operational, and building on the Yguazu web site is advancing quickly. Nevertheless, the corporate faces challenges with a batch of ~3,000 T21 miners which might be underperforming attributable to overheating points. Bitmain is changing these miners, and the brand new models are anticipated to be operational inside three weeks.
Monetary and Mining Metrics
Bitfarms’ monetary technique stays sturdy, with CFO Jeff Lucas confirming that their 2024 progress and effectivity plans are absolutely funded. This funding permits the corporate to realize its year-end steerage of 21 EH/s and 21 w/TH. The corporate bought 142 BTC in July, producing $8.6 million in proceeds, whereas including 111 BTC to its reserves.
The corporate’s mining evaluate for July confirmed an 8.4% enhance in Bitcoin problem. Key efficiency indicators for the month embrace:
- Complete BTC earned: 253 (up from 189 in June)
- Month-end working EH/s: 11.1 (up from 10.4 in June)
- BTC/Avg. EH/s: 25
- Common working EH/s: 10.3 (up from 7.6 in June)
- Working capability: 310 MW
- Hydropower: 256 MW
- Watts/Terahash effectivity: 25 w/TH
In Quebec, the Baie-Comeau web site is on observe for a 12 MW growth, scheduled to be energized by September 1, 2024.
Future Outlook
Bitfarms anticipates continued progress and effectivity enhancements within the coming months. With the vast majority of its T21 miners performing as anticipated and additional optimizations deliberate, the corporate is well-positioned for future developments. The corporate’s artificial HODL™ technique additionally consists of 233 long-dated BTC name choices as of July 31, 2024.
Upcoming Occasions
Bitfarms has a number of upcoming occasions, together with:
- August 8: Q2 2024 Convention Name at 8am ET
- September September 11: H.C. Wainwright twenty sixth Annual World Funding Convention
- October 21-22: AIM Summit Dubai
Based in 2017, Bitfarms operates 12 Bitcoin information facilities throughout 4 nations: Canada, the US, Paraguay, and Argentina. The corporate is dedicated to sustainable power practices, predominantly using hydro-electric energy.
Picture supply: Shutterstock
