{"id":250369,"date":"2024-08-02T00:53:18","date_gmt":"2024-08-02T00:53:18","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/02\/bitfarms-bitf-reports-july-2024-bitcoin-production-and-operational-milestones\/"},"modified":"2025-06-25T17:13:20","modified_gmt":"2025-06-25T17:13:20","slug":"bitfarms-bitf-reports-july-2024-bitcoin-production-and-operational-milestones","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/02\/bitfarms-bitf-reports-july-2024-bitcoin-production-and-operational-milestones\/","title":{"rendered":"Bitfarms (BITF) Reports July 2024 Bitcoin Production and Operational Milestones"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<figure class=\"figure mt-2\">&#13;<br \/>\n                                &#13;<\/p>\n<p>&#13;<br \/>\n                                    <a href=\"https:\/\/blockchain.news\/Profile\/Iris-Coleman\">Iris Coleman<\/a>&#13;<br \/>\n                                    <span class=\"publication-date ml-2\"> Aug 01, 2024 13:45<\/span>&#13;\n                                <\/p>\n<p>&#13;<\/p>\n<p class=\"lead\">Bitfarms earned 253 BTC in July 2024, increased HODL to 1,016 BTC, and expanded operational hashrate to 11.1 EH\/s, according to GlobeNewswire.<\/p>\n<p>&#13;<br \/>\n                                <a href=\"https:\/\/image.blockchain.news:443\/features\/9BED484F63152ECD2721498B93AEE806A0F7F6C0430821D708627253D13A3405.jpg\">&#13;<br \/>\n                                    <img decoding=\"async\" class=\"rounded\" src=\"https:\/\/image.blockchain.news:443\/features\/9BED484F63152ECD2721498B93AEE806A0F7F6C0430821D708627253D13A3405.jpg\" alt=\"Bitfarms (BITF) Reports July 2024 Bitcoin Production and Operational Milestones\"\/>&#13;<br \/>\n                                <\/a>&#13;<br \/>\n                            <\/figure>\n<p>Bitfarms Ltd. (NASDAQ\/TSX: BITF), a global vertically integrated Bitcoin mining data center company, has announced its production update for July 2024. According to <a rel=\"nofollow\" href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/08\/01\/2922624\/0\/en\/Bitfarms-Provides-July-2024-Production-and-Operations-Update.html\">GlobeNewswire<\/a>, the company earned 253 BTC in July, marking a 34% increase month-over-month. The company&#8217;s HODL (hold on for dear life) strategy saw a boost, with reserves increasing to 1,016 BTC.<\/p>\n<h2>Operational Expansion and Efficiency<\/h2>\n<p>Bitfarms has reported an increase in its operational hashrate to 11.1 EH\/s, a 7% rise from June 2024. The company\u2019s fleet upgrade program is contributing to this growth, with CEO Ben Gagnon highlighting the efficiency improvements post the April halving event. \u201cOur Bitcoin mined per month has increased by 62% since the halving event, demonstrating our operational expertise and improved efficiency,\u201d Gagnon stated.<\/p>\n<p>In Paraguay, the Paso Pe site is now fully operational, and construction at the Yguazu site is advancing rapidly. However, the company faces challenges with a batch of ~3,000 T21 miners that are underperforming due to overheating issues. Bitmain is replacing these miners, and the new units are expected to be operational within three weeks.<\/p>\n<h2>Financial and Mining Metrics<\/h2>\n<p>Bitfarms&#8217; financial strategy remains robust, with CFO Jeff Lucas confirming that their 2024 growth and efficiency plans are fully funded. This funding allows the company to achieve its year-end guidance of 21 EH\/s and 21 w\/TH. The company sold 142 BTC in July, generating $8.6 million in proceeds, while adding 111 BTC to its reserves.<\/p>\n<p>The company\u2019s mining review for July showed an 8.4% increase in Bitcoin difficulty. Key performance indicators for the month include:<\/p>\n<ul>\n<li>Total BTC earned: 253 (up from 189 in June)<\/li>\n<li>Month-end operating EH\/s: 11.1 (up from 10.4 in June)<\/li>\n<li>BTC\/Avg. EH\/s: 25<\/li>\n<li>Average operating EH\/s: 10.3 (up from 7.6 in June)<\/li>\n<li>Operating capacity: 310 MW<\/li>\n<li>Hydropower: 256 MW<\/li>\n<li>Watts\/Terahash efficiency: 25 w\/TH<\/li>\n<\/ul>\n<p>In Quebec, the Baie-Comeau site is on track for a 12 MW expansion, scheduled to be energized by September 1, 2024.<\/p>\n<h2>Future Outlook<\/h2>\n<p>Bitfarms anticipates continued growth and efficiency improvements in the coming months. With the majority of its T21 miners performing as expected and further optimizations planned, the company is well-positioned for future advancements. The company\u2019s synthetic HODL\u2122 strategy also includes 233 long-dated BTC call options as of July 31, 2024.<\/p>\n<h2>Upcoming Events<\/h2>\n<p>Bitfarms has several upcoming events, including:<\/p>\n<ul>\n<li>August 8: Q2 2024 Conference Call at 8am ET<\/li>\n<li>September 9-11: H.C. Wainwright 26th Annual Global Investment Conference<\/li>\n<li>October 21-22: AIM Summit Dubai<\/li>\n<\/ul>\n<p>Founded in 2017, Bitfarms operates 12 Bitcoin data centers across four countries: Canada, the United States, Paraguay, and Argentina. The company is committed to sustainable energy practices, predominantly utilizing hydro-electric power.<\/p>\n<p><span><i>Image source: Shutterstock<\/i><\/span><\/p>\n<p>                            <!-- Divider --><\/p>\n<p>                            <!-- Author info END --><br \/>\n                            <!-- Divider --><\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/blockchain.news\/news\/bitfarms-bitf-reports-july-2024-bitcoin-production-operational-milestones\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] &#13; &#13; &#13; Iris Coleman&#13; Aug 01, 2024 13:45&#13; &#13; Bitfarms earned 253 BTC in July 2024, increased HODL to 1,016 BTC, and expanded<\/p>\n","protected":false},"author":1,"featured_media":250370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[171],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/250369"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=250369"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/250369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/250370"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=250369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=250369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=250369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}