Canadian Crypto Company Bitfarms Reveals Production Increase of Over 20%

Bitfarms, a Canadian Bitcoin mining company, increased its BTC production by 21% in June despite challenges.

In June, Bitfarms gained 189 BTC, which is significantly more than the previous months, and sold 134 of them, generating revenue of $8.8 million.

However, this production reflects A 51% decrease compared to June 2023, mainly due to the recent halving event which reduced miners’ rewards by 50%, affecting global Bitcoin mining.

June was key for Bitfarms in improving mining capabilities. The company increased its hashing power to 11.4 exahashes per second (EH/s), with 10.4 EH/s already operational.

This represents a remarkable increase of 96% year-on-year and 39% month-on-month. Bitfarms’ goal is to reach 21 EH/s by the end of 2024.

As of July 1, the company holds 905 Bitcoin tokens worth approximately $57 million.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.