Bitfarms, a bitcoin miner, has revealed updates on its mining operations, including production and energy mix utilisation, as well as the company’s HODL strategy for bitcoin. The startup has mined approximately 13 BTC per day using 99 percent clean energy.
Bitfarms mined 391 new bitcoins in July 2021, the company’s highest monthly production rate of the year and over 96 percent greater than its mining output in January 2021. According to the miner, it mines between 12.5 and 13.5 BTC every day.
The firm mined a total of 1,748 bitcoin in the first seven months of 2021. Bitfarms also revealed that it has deposited 1,678 BTC into custody until August 1, 2021, which accounts for almost 96 percent of the company’s bitcoin production this year. The corporation has placed $69.8 million in bitcoin on its balance sheet based on the monthly closing price in July.
The latest Bitcoin crackdowns in China have aided Bitfarms in increasing its daily mining output as well as its overall market share. This rise, according to the firm, will also allow it to amass more bitcoin and HODL it on its balance sheet because the firm’s average cost per BTC mined has decreased.
In the announcement, Bitfarms founder and CEO Emiliano Grodzki stated, “We are happy to have added 96 percent of our 2021 year-to-date Bitcoin mined to our long-term inventory programme.” “As we endeavour to achieve our growth objectives, we expect to add more Bitcoins to our balance sheet at a quicker rate than we did in the first half of 2021.”
Furthermore, Bitfarms described and revised its development plans, stating that the lower capital requirements caused by China’s crackdown on bitcoin mining had allowed the business to negotiate significant reductions on its existing hardware purchase agreements. According to the report, the bitcoin miner anticipates receiving 55,300 rigs between 2021 and 2022 to support its goals to boost its hash rate. Bitfarms’ goal is to attain 8,000 petahashes per second (PH/s), or eight exahashes per second (EH/s), processing power capacity by the end of 2022.
Bitfarms is a publicly traded bitcoin miner with 69 megawatts (MW) of 99 percent pure hydro-power in its facilities with a hash rate capacity of 1,420 PH/s. The miner joined Foundry USA Pool in April, ostensibly to extend its operations. In June, the company began trading on the Nasdaq exchange – its second one after listing on the TSX Venture Exchange.