Bitfarms operational hash rate reaches 11.1 EH/s, up 109% from last year

Toronto-based Bitcoin mining company Bitfarms announced that its operational hash rate reached 11.1 EH/s at the end of July, marking a 109% year-over-year increase and an increase of 7% month after month. The average operational hash rate for the month was 10.3 EH/s, up 36% from June.

Despite a 1% decline in Bitcoin per EH/sa due to an increase in network difficulty, Bitfarms said the deployment of Bitmain T21 miners helped offset this challenge.

Bitfarms sees an increase in hash rate

According to the latest press release, Bitfarms generated 253 BTC in July due to an increase in the hash rate. This figure represents a month-on-month increase of 34%, although it was 33% lower than the previous year.

Meanwhile, the company sold 142 BTC for $8.6 million, while the remaining 111 BTC increased its treasury holdings to 1,016 BTC, which is worth about $67.2 million.

On average, the company earned 8.2 BTC per day, which translated to approximately $542,000 per day based on the BTC price of $66,100 at the end of the month.

In Quebec, the expansion of Bitfarms’ Baie-Comeau facility to 22 MW is on track for completion on September 1 of this year. Meanwhile, in Paraguay, both the Paso Pe and Yguazu sites are reported to be progressing well, with Paso Pe’s five warehouses and eight hydraulic containers fully energized and activated.

In a statement, CEO Ben Gagnon said:

“As we continue to execute the fleet upgrade program, we are gaining market share and driving increasing amounts of Bitcoin mined month after month. Since the halving event in April, our Bitcoin mined per month has increased by 62%. This speaks volumes for our operational expertise and improved efficiency, and I am confident that we are well positioned to further accelerate our growth and generate shareholder value.”

Bitfarms hashrate remains below target

Gagnon explained that Bitfarms hash rate is still below its target of 12 EH/s, mainly due to a batch of approximately 3,000 T21 miners, which collectively account for around 700 PH/s, without having performance as expected. These miners are experiencing overheating issues even in cooler conditions.

To address this issue, Bitmain is replacing these malfunctioning units on its own, with new miners scheduled to arrive and be installed within three weeks. Bitfarms stated that it is actively working with Bitmain to resolve these manufacturing issues and avoid similar issues in future batches, including those planned for August.

Despite this setback, the executive noted that most T21 miners are working properly. He also noted that more site optimizations and software improvements are expected to improve performance this month.

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