Regardless of a disciplined progress technique and a robust 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 big year-on-year lower of 24.4%. The overall computing energy of the corporate remained regular at 5.3EH/s by the tip 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 correctly to realize compelling projected returns. According to this technique, the corporate initiated an growth plan to double its hydropower capability to 350 MW by buying 150 MW of under-utilized hydropower in Paraguay. The growth goals to leverage the corporate’s business data and economies of scale to boost manufacturing effectivity. Building on the primary 50 MW facility is about 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 an extra 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, akin to file temperatures and unprecedented wildfires, which led to poor air high quality in Quebec. This compelled Bitfarms to briefly throttle again its miners. Moreover, the Magog farm skilled a 7-day outage as a consequence of 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 capable of restore manufacturing shortly, mitigating potential losses.
The typical 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 had been bought, and 45 BTC had been added to the corporate’s treasury, which reached 594 BTC by the tip of July 2023.
Bitfarms additionally reported an total 1.8% lower in BTC manufacturing in July in comparison with June, largely as a consequence of disruptions brought on by excessive climate circumstances. Community issue elevated by 3.3% in July as miners continued to spend money on 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 attaining its Q3 2023 goal hashrate of 6.3 EH/s as miner deliveries and installations progress easily in Rio Cuarto, Argentina. The corporate’s growth plans and environment friendly operations point out a promising future for Bitfarms amid the dynamic cryptocurrency market.
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