In a significant development, Bitfarms, a leading public mining company, has reported a substantial increase in its realized hashrate and bitcoin production in July, outpacing the industry’s average growth. The company’s production of 254 BTC last month represents a 33.8% increase from 189 BTC in June, as it continues to counter the takeover bid by rival miner Riot Platforms.
Bitfarms’ energized hashrate also saw a significant boost, scaling up from 7.5 EH/s in May to 10.4 EH/s in June and reaching 11.1 EH/s by the end of July. This increase in hashrate allowed the company to outpace bitcoin’s average hashrate growth, which rose from 580 EH/s in June to 615 EH/s, reducing the daily production benchmark to 0.79 BTC/EH/s.
The company’s realized hashrate has been growing steadily throughout the year, increasing from 5.93 EH/s in January to 7.61 EH/s in June and 10.3 EH/s in July. This makes Bitfarms one of the fastest-growing public mining companies in 2024.
In addition to its production growth, Bitfarms has also slowed down the liquidation pace of its monthly bitcoin production. After extinguishing all remaining debts in Q1, the company has been holding onto more of its mined bitcoin. The liquidation ratio has gradually dropped from 91% in April to 87% in May, 71% in June, and 56% in July. As of July 31, Bitfarms was holding 1,016 BTC on its balance sheet, worth approximately $65 million.
The company’s decision to retain more of its bitcoin production is a strategic move to build up its reserves and reduce its reliance on liquidating its digital assets. This approach allows Bitfarms to focus on growing its mining business and generating additional revenue from its hosting and electricity sales.
The takeover bid by Riot Platforms has been a significant factor in Bitfarms’ recent growth, as the company has been working to counter the bid and maintain its independence. Despite the challenges, Bitfarms has continued to demonstrate its ability to adapt and grow, making it an attractive option for investors looking for a stable and profitable mining company.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
