Bitcoin miner Bitfarms Increased Capacity to 166 megawatts in July
Bitcoin miner Bitfarms increased its energy capacity to 166 megawatts in July. This is 21% more than on June 30, after the completion of the second stage of construction in one of its offices in Canada. The company also sold 1,623 BTC to reduce debt and increase liquidity.
According to the monthly update published on Monday, the company's total hashrate also increased by 5.6% to 3.8 hash per second (EH/s). The company expects to reach 4 EH/s by the end of this month.
Production also increased at the mining company's other two facilities in Canada and Washington State. However, I had to fight the heat.
"Unseasonably high temperatures in Quebec and Washington State at the end of the month also slightly reduced the productivity of miners and affected our corporate hashrate," said Ben Gagnon, mining chief at Bitfarms.
In July, the company mined 500 BTC, selling 1,623 BTC in a month. Some of these proceeds were used to reduce the loan secured by bitcoin by $15 million, bringing the outstanding debt to $23 million.
The miner has already sold 3,000 BTC in June to repay part of a $100 million loan from Galaxy Digital.
As of July 31, Bitfarms held 2,021 BTC in storage after selling 1,623 BTC last month.
https://coin-signal.com/cryptonews/bitcoin-miner-bitfarms-increased-capacity-to-166-megawatts-in-july/
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