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Bitfarms' Bitcoin Production Rose 47.5% in July
Bitfarms mined 391 bitcoin in July, its best monthly output on record.
Nasdaq-listed mining firm Bitfarms' said its bitcoin generation rate climbed 47.5% in July, producing a total of 391 BTC, its best month to date.
STORY CONTINUES BELOW
- Bitfarms' monthly bitcoin production has almost doubled since the start of the year, averaging around 13 BTC per day, according to a statement Thursday.
- Fortune estimates that Bitfarms scored $14 million in profit in July, 80% more than in February, its lowest-output month of 2021.
- The Canadian company has deposited 96% of the mined bitcoins, worth $69 million at July 31 prices, into custody, it said. The company expects to keep adding bitcoin to its balance sheet as output increases, said Emiliano Grodzki, Bitfarms founder and CEO.
- Bitfarms now accounts for 1.5% of the global bitcoin hashrate and is North America's largest publicly traded miner, it said.
- The firm uses more than 99% hydroelectricity, it said.
- Bitfarms shares rose 15% to close at $5.13.
See also: Marathon Digital Bitcoin Generation Increased 66% in July
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
