Summary
- Bitfarms earned 62% more Bitcoin since the 2024 halving event.
- The company reported a 34% MoM increase in earnings following the hash rate increase.
According to the latest reports, the Bitcoin mining company Bitfarms has reported a 34% MoM increase in its earnings as it boosted its mining hash rate following fleet upgrades and expansion.
The Bitcoin mining firm revealed via official notes that its July operations generated 253 BTC, worth over $16 million at current prices.
Also, compared to the 189 BTC worth over $12 million earnings that the company saw in June, this means an increase of 34% in its monthly earnings.
According to reports, Bitfarms attributed the increase in its income to fleet upgrade and expansion efforts. On July 31, the firm revealed 11.1 exahashes (EH/s) operational. This means a YoY increase of 109% and a MoM increase of 7%.
Also, the firm’s average operational EH/s in July was 10.3, meaning up by 36% from June.
62% Earnings Increase Since the 2024 Bitcoin Halving
Following the Bitcoin halving which took place on April 20 this year, and miner rewards were slashed to half at 3.125 BTC, the company announced plans to triple its hashrate.
Bitfarms said that it would invest about $240 million to upgrade its mining equipment, adding 88,000 more miners.
Following the April halving event, Bitfarms reported that its earnings were down 29% YoY and 6% lower compared to the previous month. Now, it seems that things are starting to go on the right path for the Bitcoin mining company.
Bitfarms CEO Ben Gagnon stated that the firm’s recent earnings came following the fleet upgrade, which means 62% more BTC per month compared to what it had generated since the halving event.
Gagnon stated that this speaks a lot about the firm’s operational expertise and improved efficiency. He also highlighted that he’s confident that the company is well-positioned to accelerate growth and drive value for shareholders further.
The exec also explained that the firm’s current hash rate is still below its 12 EH/s target and the reason is the fact that a batch of miners experience overheating issues due to lower temperatures.
The firm is currently working with Bitmain hardware provider to replace the machines and are expecting this delivery in August.
Speaking about Bitcoin mining hash rate, the other day, we revealed that a new ATH could hint at price stability for BTC, according to analysts. The latest BTC mining hash rate ATH highlighted high security and fundamentals.