Bitfarms boosts bitcoin reserves to 1,678 BTC

Public mining company Bitfarms announced a rise in Bitcoin production in July and its commitment to a long-term reserve-accumulation strategy.

📣 Bitfarms, currently powering approximately 1.5% of the #Bitcoin network with greater than 99% green hydroelectricity, today announces a #BTC production update and the announcement date of its second quarter 2021 financial results. pic.twitter.com/qSQH5PdFwt

— Bitfarms (@Bitfarms_io) August 5, 2021

According to the release, in July the company generated 391 BTC — this is its best month to date. For comparison: Bitfarms mined 199 BTC in January.

Since the start of the year, daily output has almost doubled, to 12.5-13.5 BTC. According to Fortune, in July Bitfarms’ profit was about $14 million — compared with February, the figure was up 80%.

In seven months the organization generated 1,748 BTC. The company’s reserves in cryptocurrency rose to 1,678 BTC (about $69.8 million at the rate on July 31), representing 96% of the total mining volume for 2021.

“We are proud that 96% of the Bitcoin we mined in 2021 has been allocated to the long-term reserve accumulation programme. As growth targets are met, we expect the balance of Bitcoin on the balance sheet to replenish at a faster pace than in the first half,” said founder and CEO Emiliano Grodsky.

Bitfarms noted that macroeconomic situation in China allowed the company to increase its share of the network’s total hash rate to 1.5%. The organisation stressed that 99% of this compute power is supplied by “green hydro electricity.”

Growth in market share offset decline in Bitcoin’s price from May’s highs. The company also managed to lower operating costs and secure significant discounts on existing equipment-supply contracts. It is expected that in 2021-2022 Bitfarms’ equipment fleet will grow by 55,300 units.

In June, Canadian Bitfarms listed on the Nasdaq stock exchange. Shares closed the session on August 5 at $5.13, implying a market capitalization of about $833.54 million. In premarket trading the securities rose by 6.43%, to $5.46.

Earlier, another Nasdaq-listed miner Marathon Digital Holdings announced an increase in bitcoin reserves. In July it mined 442.2 BTC, are on its balance sheet more than 6,225 BTC.

In July, bitcoin mining revenue rose for the first time in four months .