Bitcoin

Gains

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd., a leading Bitcoin mining firm, has shared its August performance data and growth plans. The company increased its Bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> to 383 BTC in August, marking a 1.3% increase from July's figure of 378 BTC. The uptick happened despite a 6.3% network difficulty increase, a key metric reflecting the competitiveness of mining operations. 
CEO Geoff Morphy reported a ramp-up in operations. Bitfarms' newest facility in Baie-Comeau, Québec operated smoothly at around 5 MW and is on track to hit 11 MW in September. Additionally, the company has a target <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a>— a measure of mining speed—of 6.3 EH/s by month-end. 
But the company isn't just boosting its local operations. In Paso Pe, <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a>, Bitfarms is making bold moves. The company purchased 1,920 <a href="https://ultramining.com/news/en/samsungs-3nm-tech-powers-microbts-crypto-miner-marking-commercial-leap-for-gaa-process/" rel="noopener noreferrer nofollow">MicroBT</a> M53S+ hydro-cooling miners and plans to build a 50 MW substation. With key equipment already ordered, the goal is to commission the new infrastructure by Q1 2024. 
<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> also focused on optimization. Their Magog farm in Quebec saw an upgrade with the installation of 2,862 S19J Pro+ miners. As a result, energy efficiency improved substantially, dropping from 45 w/TH to 28 w/TH at Magog and 38 w/TH to 37 w/TH company-wide. 
Notably, Bitfarms sold 323 of the 383 BTC mined in August, netting a total of $9.0 million in proceeds. Furthermore, they reduced their total outstanding debt by $1.9 million. As of August 31, they held a treasury of 654 BTC, worth around $17.8 million. 
Ben Gagnon, the Chief Mining Officer, emphasized the company's resilience amidst fluctuating Bitcoin prices and network difficulties. Overall, Bitfarms continues to capitalize on the volatile but lucrative cryptocurrency market, leveraging strategic global expansion and technological upgrades to maintain a competitive edge. 
The company plans to attend high-profile industry events in September and October, including the 3rd Annual Needham Virtual Crypto Conference and the Bitcoin Amsterdam summit. With 11 farms spread across four countries, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> is on a steady path to become a global force in Bitcoin mining. 
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Bitfarms Sees Record Gains in August, Plans for Hydro-Powered Expansion in Paraguay

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