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Bitfarms' Bitcoin Production Rose 47.5% in July
Bitfarms mined 391 bitcoin in July, its best monthly output on record.
Updated Sep 14, 2021, 1:36 p.m. Published Aug 6, 2021, 9:11 a.m.
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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.
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- 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.
See also: Marathon Digital Bitcoin Generation Increased 66% in July
