Bitcoin miner Bitfarms has announced updates on its mining operations, including production and energy mix usage, as well as the company’s HODL strategy for bitcoin. The company has mined around 13 BTC per day with 99% clean energy.
Bitfarms mined 391 new bitcoin during July 2021, the company’s most significant production rate in the year and approximately 96% more than its mining production in January 2021. The miner estimates it is mining between 12.5 and 13.5 BTC per day.
In the first seven months of 2021, the company has mined an aggregated total of 1,748 bitcoin. Bitfarms also shared that it has deposited 1,678 BTC into custody through August 1, 2021, a figure that represents around 96% of the firm’s bitcoin production during this year. Based on the monthly closing price of July, the company has put $69.8 million in bitcoin on its balance sheet.
The recent Bitcoin crackdowns in China have helped Bitfarms increase its daily mining production, as well as its overall market share. This increase, the firm said, will also allow it to accumulate more bitcoin and HODL it on its balance sheet since the firm’s average cost per BTC mined has been reduced.
“We are proud to have added 96% of our 2021 year-to-date Bitcoin mined to our long-term inventory program,” said Emiliano Grodzki, Bitfarms founder and CEO, in the announcement. “As we work to execute on our growth targets, we anticipate adding more Bitcoins to our balance sheet at a faster rate than we have in the first half of 2021.”
Additionally, Bitfarms outlined and updated its expansion plans, saying that the lower capital requirements due to the Chinese crackdown on bitcoin mining have enabled the company to negotiate substantial discounts on its existing hardware purchase agreements. According to the announcement, the bitcoin miner expects 55,300 rigs to be delivered throughout 2021 and 2022 to empower its plans to increase its hash rate. Bitfarms aims to reach 8,000 petahashes per second (PH/s), or eight exahashes (EH/s) computing power capacity by the end of 2022.
Bitfarms is a publicly-listed bitcoin miner with 69 megawatts (MW) of 99% clean hydro-power in its facilities, housing 1,420 PH/s of hash rate capacity. In April, the miner joined Foundry USA Pool, in part to seek to expand its operations. In June, the company began trading on the Nasdaq exchange – its second one after listing on the TSX Venture Exchange.