Bitfarms' Bitcoin Production Rose 47.5% in July

Bitfarms mined 391 bitcoin in July, its best monthly output on record.

Aug 6, 2021 at 9:11 a.m. UTC
Updated Sep 14, 2021 at 1:36 p.m. UTC

Nasdaq-listed mining firm Bitfarms' said its bitcoin generation rate climbed 47.5% in July, producing a total of 391 BTC, its best month to date.

  • Bitfarms' monthly bitcoin production has almost doubled since the start of the year, averaging around 13 BTC per day, according to a statement Thursday.
  • Fortune estimates that Bitfarms scored $14 million in profit in July, 80% more than in February, its lowest-output month of 2021.
  • The Canadian company has deposited 96% of the mined bitcoins, worth $69 million at July 31 prices, into custody, it said. The company expects to keep adding bitcoin to its balance sheet as output increases, said Emiliano Grodzki, Bitfarms founder and CEO.
  • Bitfarms now accounts for 1.5% of the global bitcoin hashrate and is North America's largest publicly traded miner, it said.
  • The firm uses more than 99% hydroelectricity, it said.
  • Bitfarms shares rose 15% to close at $5.13.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.