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.