Despite facing challenges, Canadian Bitcoin mining company Bitfarms saw a 21% increase in BTC production in June. The company mined 189 BTC, which is significantly higher compared to previous months, and sold 134 of them, generating revenues 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 crucial 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.
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This represents a remarkable 96% year-on-year increase and a 39% month-on-month increase. Bitfarms’ goal is to reach 21 EH/s by the end of 2024.
As of July 1st, the company holds 905 Bitcoin tokens valued at approximately $57 million.
