HODL

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Bitcoin

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<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd., a prominent global Bitcoin mining data center company, has announced a significant increase in 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> and operational efficiency for July 2024. The company, headquartered in Toronto and Brossard, reported mining 253 Bitcoin in July, marking a 34% increase from the previous month and boosting its <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/" rel="noopener noreferrer nofollow">HODL</a> (hold on for dear life) strategy by accumulating a total of 1,016 BTC. This growth comes as Bitfarms continues its strategic expansion and fleet upgrade efforts, enhancing its competitive edge in the rapidly evolving cryptocurrency <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>.
Since the Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> event in April, Bitfarms has managed to increase its monthly Bitcoin production by an impressive 62%. This achievement highlights the company's operational expertise and commitment to driving shareholder value. Bitfarms' CEO, Ben Gagnon, expressed confidence in the company's ability to further accelerate growth, stating, "As we continue to execute on the fleet upgrade program, we are gaining market share and driving increasing amounts of Bitcoin mined month-over-month. This speaks volumes to our operational expertise and improved efficiency, and I am confident that we are well-positioned to further accelerate our growth and drive value for shareholders." according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/258/bitfarms-provides-july-2024-production-and-operations-update" rel="noopener noreferrer nofollow">Bitfarms</a>.
Bitfarms' largest site in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a>, Paso Pe, is now fully operational, and construction at its Yguazu facility is progressing rapidly. However, the company experienced a temporary setback with a batch of ~3,000 T21 miners that underperformed due to overheating issues, affecting 700 petahashes per second (PH/s). <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a>, the manufacturer, is replacing these miners at no cost to Bitfarms, with the new units expected to arrive within three weeks. This prompt resolution underscores Bitfarms' proactive approach to maintaining optimal performance across its mining operations.
In terms of financial performance, Bitfarms' operational <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> increased to 11.1 exahashes per second (EH/s) by the end of July, reflecting a 109% year-over-year growth and a 7% month-over-month increase. The company sold 142 of the 253 BTC mined in July, generating $8.6 million in proceeds and strategically bolstering its financial reserves. At a Bitcoin price of $66,100 as of July 31, Bitfarms' <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/" rel="noopener noreferrer nofollow">Bitcoin holdings</a> are valued at approximately $67.2 million, providing a solid foundation for future growth.
Bitfarms' expansion efforts are fully funded, ensuring the company can meet its year-end target of 21 EH/s and 21 watts per terahash (w/TH) efficiency. Jeff Lucas, Chief Financial Officer, emphasized the importance of being fully funded, stating, "Our 2024 growth and efficiency improvement plans are fully funded with sufficient liquidity for the infrastructure buildout and miner procurement. This will enable <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">us</a> to achieve our year-end guidance of 21 EH/s and 21 w/TH. Being fully funded reduces our near-term capex requirements and allows us to apply a greater amount of excess cash flow from operations to building our HODL, which increased by 111 Bitcoin during July."
As Bitfarms continues to expand its operations and optimize its fleet, the company remains committed to using environmentally friendly hydroelectric power and long-term energy contracts to power its facilities. With 12 operating Bitcoin <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/" rel="noopener noreferrer nofollow">data centers</a> and two under development across <a href="https://ultramining.com/news/en/alberta-stanovitsya-centrom-majninga-v-kanade-2/" rel="noopener noreferrer nofollow">Canada</a>, the <a href="https://ultramining.com/news/en/pennsylvania-a-new-hub-for-cryptomining-ignites-environmental-concerns/" rel="noopener noreferrer nofollow">United States</a>, Paraguay, and Argentina, Bitfarms is poised to strengthen its position as a leader in the Bitcoin mining industry. By leveraging its operational expertise and sustainable energy sources, Bitfarms is well-positioned to capitalize on the increasing demand for digital assets and drive long-term value for its shareholders.

Bitfarms Surges Forward with Strong Bitcoin Production and Strategic Expansion

Ultramining_Eng

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