Bitfarms mined 391 Bitcoin 99% clean energy in July

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Bitcoin miner Bitfarms has announced updates on its mining operations, including the production and use of the energy mix, as well as the company’s HODL strategy for bitcoin. The company mined around 13 BTC per day with 99% clean energy.

Bitfarms mined 391 new bitcoins in July 2021, the company’s highest production rate during the year and around 96% more than its mining production in January 2021. The miner estimates he mined between 12 , 5 and 13.5 BTC per day.

In the first seven months of 2021, the company mined an aggregate total of 1,748 bitcoins. Bitfarms also said it deposited 1,678 BTC in custody until August 1, 2021, a figure that represents around 96% of the company’s bitcoin production in that year. Based on the July monthly closing price, the company recorded $ 69.8 million in bitcoin on its balance sheet.

Recent Bitcoin crackdowns in China have helped Bitfarms increase their daily mining output, as well as their overall market share. This increase, the company said, will also allow it to accumulate more bitcoin and HODL on its balance sheet as the company’s average cost per BTC mined has been reduced.

“We are proud to have added 96% of our Bitcoin since the start of 2021 mined to our long-term inventory program,” said Emiliano Grodzki, founder and CEO of Bitfarms, in the announcement. “As we strive to meet our growth targets, we plan to add more Bitcoin to our balance sheet at a faster rate than we did in the first half of 2021.”

Additionally, Bitfarms has outlined and updated its expansion plans, claiming that lower capital requirements due to China’s crackdown on bitcoin mining have allowed the company to negotiate substantial discounts on its purchase contracts. of existing equipment. According to the announcement, the bitcoin miner expects 55,300 platforms to be delivered throughout 2021 and 2022 to allow its plans to increase its hash rate. Bitfarms aims to achieve 8,000 petahashs per second (PH / s), or eight exahashs (EH / s) of compute power capacity by the end of 2022.

Bitfarms is a publicly traded bitcoin miner with 69 megawatts (MW) of 99% clean hydropower in its facilities, housing 1,420 PH / s of hash rate capacity. In April, the miner joined Foundry USA Pool, in part to look to expand its operations. In June, the company began trading on the Nasdaq Stock Exchange – the second after listing on the TSX Venture Exchange.

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