Bitfarms Mined 34% More Bitcoin in July Amid Rising Difficulty
Outpacing network's hashrate growth
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Bitfarms has increased its realized hashrate and bitcoin production by over 30% in July compared to June as the company continues to counter the takeover bid by rival miner Riot Platforms.
On Thursday, Bitfarms reported that it produced 254 BTC last month, a 33.8% increase from 189 BTC in June. This production boost came after Bitfarms scaled up its energized hashrate from 7.5 EH/s in May to 10.4 EH/s in June before reaching 11.1 EH/s by the end of July.
The company also outpaced bitcoin’s average hashrate growth last month, which rose from 580 EH/s in June to 615 EH/s, reducing the daily production benchmark to 0.79 BTC/EH/s.
Bitfarms is one of the fastest-growing public mining companies in 2024 in terms of realized hashrate, which increased from 5.93 EH/s in January to 7.61 EH/s in June and 10.3 EH/s in July.
Additionally, the company has slowed down the liquidation pace of its monthly bitcoin production after extinguishing all remaining debts in Q1.
Based on Bitfarms’ monthly production updates, it sold all of its mined bitcoin in January and February. The liquidation ratio gradually dropped from 91% in April, to 87% in May, 71% in June, and 56% in July. As of July 31, Bitfarms was holding 1,016 BTC on its balance sheet, worth about $65 million.
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