Bitcoin

Bitfarms Ltd, a leading global Bitcoin mining company, announced an expansion plan in July 2023. The company aims to almost double its hydropower capacity to 350 MW. They plan to achieve this by acquiring 150 MW of under-utilized hydropower in Paraguay. The first 50 MW facility will begin construction in Q3 2023. 
In addition, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> launched production at their 11th farm in Baie-Comeau, Canada. The farm is on track to reach its first 11 MW of production in Q3 2023. Another 11 MW is expected to be operational in the second half of 2024. This will increase Bitfarms' total Quebec portfolio to 8 sites and 170 MW of low-cost hydro power. 
In July, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> mined 378 BTC, slightly less than the 385 BTC mined in June. Extreme weather events and increased mining difficulty impacted the production. However, the company sold 333 of the 378 BTC mined, generating total proceeds of $9.9 million. 
Bitfarms added 45 BTC to its treasury, bringing the total to 594 BTC. The average BTC price increased by 9.1% in July, rising to $30,100 from $27,600 in June.&nbsp; 
Despite these challenges, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> remains confident in their growth strategy and operational performance. 
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Bitfarms Expands Power Capacity, Despite Reduced BTC Output Amid Extreme Weather

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