Bitfarms generates fewer bitcoins in August
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Contributor since / Followers
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2 months ago
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- Cryptocurrency coins and tokens miner Bitfarms (NASDAQ:BITF) said it earned 233 bitcoins in August, compared to 253 generated in July.
- BITF attributed the decline to an increase in average network difficulty during the month, partially offset by higher corporate hashrate due to the receipt of 2,744 T21 miners from Bitmain to replace the underperforming miners which are currently being installed.
- Average operating EH/s for the month was 10.4, compared to 10.3 in the prior month.
- The company sold 147 of the 233 BTC earned as part of its regular treasury management practice for total proceeds of $8.8M.
- The company recently announced an acquisition of Stronghold Digital Mining (SDIG) for ~$165M.
- “This acquisition will enable us to enhance and rebalance our energy portfolio, targeting an expansion to 950 MW by the end of 2025, with nearly 50% of our capacity based in the U.S. Additionally, we are positioning ourselves for multi-year growth with total expansion capacity of up to 1.6 GW, approximately 66% of which is located in the U.S., a substantial increase from the current 6%,” CEO Ben Gagnon said.
- Additionally, Gagnon said Bitfarms has assumed control of its first mega-site located in Sharon, PA, which offers access to up to 120 MW.
- Source: Press Release