Bitfarms’ Bitcoin Hash Rate Soars to 11.1 EH/s Despite Equipment Setbacks

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Bitfarms, a Bitcoin mining company based in Toronto, reported a substantial increase in its operational hash rate, reaching 11.1 EH/s by the end of July.
This marks a 109% year-over-year growth and a 7% increase month-over-month. Despite a minor 1% drop in Bitcoin per EH/s due to heightened network difficulty, Bitfarms managed to offset this with the deployment of Bitmain T21 miners.
The company produced 253 BTC in July, driven by the elevated hash rate, translating to a 34% month-over-month increase but a 33% reduction from the previous year.

Bitfarms reports a significant 109% year-over-year increase in operational hash rate, strengthening their market share and operational expertise amidst this year’s network challenges.

Bitfarms’ Substantial Hash Rate Increase

Toronto’s Bitfarms achieved an impressive operational hash rate of 11.1 EH/s by the close of July, reflecting a robust year-over-year growth of 109% and a month-over-month rise of 7%. This performance was anchored by an average operational hash rate of 10.3 EH/s for the entire month, marking a 36% uplift from June. Despite a minor decline in Bitcoin per EH/s due to rising network difficulty, the strategic deployment of Bitmain T21 miners played a crucial role in mitigating this challenge.

July Bitcoin Production and Sales

In July, Bitfarms generated 253 BTC, spurred by its enhanced hash rate. Although this was a 34% increase from the previous month, it was 33% lower compared to the previous year. Bitfarms sold 142 BTC for $8.6 million, while the remaining 111 BTC elevated its treasury holdings to 1,016 BTC, valued at approximately $67.2 million. On average, the company produced 8.2 BTC daily, equating to around $542,000 per day, considering the BTC price of $66,100 at month-end.

Expansion and Optimizations in Key Locations

Bitfarms’ Baie-Comeau facility in Québec is on course to increase its capacity to 22 MW by September 1st. Furthermore, Bitfarms’ operations in Paraguay are progressing well, with the Paso Pe and Yguazu sites nearing full functionality. The Paso Pe site now has all five warehouses and eight hydro containers fully energized and actively mining.

Challenges and Resolutions with T21 Miners

Despite their advancements, Bitfarms’ hash rate still falls short of the 12 EH/s target. The primary obstacle has been a batch of approximately 3,000 T21 miners, contributing around 700 PH/s, which have underperformed due to overheating issues. Bitmain is addressing this issue by replacing the faulty units at no additional cost, with new miners slated for delivery and installation within three weeks. Bitfarms is actively coordinating with Bitmain to resolve these manufacturing issues to prevent future occurrences, including those projected for August. Nonetheless, the operating T21 miners continue to perform efficiently, with anticipated site optimizations and software enhancements expected to further bolster performance this month.

Conclusion

Bitfarms’ significant hash rate growth, despite encountering operational challenges, demonstrates the company’s resilience and strategic expertise in Bitcoin mining. With an ongoing expansion of facilities and a proactive approach to hardware issues, Bitfarms is well-positioned for continued growth. This progress not only underscores their operational proficiency but also sets the stage for potential future advancements, ultimately driving value for their shareholders.

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