Bitfarms Provides Bitcoin Production Update
TORONTO, Ontario and BROSSARD, Qubec, July 14, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (NASDAQ: BITF // TSXV: BITF), a publicly traded Bitcoin mining company, currently powering an estimated 1.5% of the Bitcoin network with greater than 99% green hydroelectricity, today announces a Bitcoin production update.
Mining Production Highlights as of July 12, 2021
- Using green hydroelectricity, Bitfarms mined 1,357 Bitcoin in the first six months of 2021, the largest number of Bitcoin mined in North America as reported by publicly traded miners.
- Deposited 1,445 Bitcoin into custody through July 12, representing over 95% of the Company’s Bitcoin production this year.
- Mined 265 new Bitcoin during June 2021, Bitfarms’ largest monthly production rate achieved in 2021 and approximately one-third more than Bitfarms’ mining production in January 2021.
- Received and installed 1,500 Bitcoin miners from MicroBT in Bitfarms’ Magog data center, adding 120 PH/s of total production in June 2021.
Bitcoin Production Update
As of July 12, 2021, Bitfarms had mined 1,515 Bitcoin (“BTC”) on a year-to-date basis. Bitfarms’ production rate by month was:
| | | | | | | | | January 2021: | 199 BTC |
| | | | | | | | | February 2021: | 178 BTC |
| | | | | | | | | March 2021: | 221 BTC |
| | | | | | | | | April 2021: | 232 BTC |
| | | | | | | | | May 2021: | 262 BTC |
| | | | | | | | | June 2021: | 265 BTC |
| | | | | | | | | July 1-12th 2021: | 158 BTC |
On July 3, the Bitcoin network experienced its largest difficulty drop in history due to recent macro developments in China. This has resulted in Bitfarms producing significantly higher quantities of Bitcoin at a lower cost per Bitcoin produced.
In the first 12 days of July, Bitfarms mined 158 Bitcoin, more than half of June’s year-to-date record Bitcoin production rate. Based on current mining conditions, Bitfarms projects to mine over 400 Bitcoin in the month of July, which would imply over 100% more Bitcoin production than January and over 50% more than in June.
“For the last 18 months, Bitfarms has been one of the largest publicly traded producers of Bitcoin and one of the only companies doing so with greater than 99% green hydroelectricity. With the recent ban on Bitcoin mining in China, Bitfarms has nearly doubled its market share and is currently producing approximately 13 Bitcoin per day. Reports indicate that the ban on crypto mining in China and the exodus of mining rigs seeking new hosting may take an extended period of time to resolve. Bitfarms is well positioned to take advantage of the significantly improved economic opportunity. With mining difficulty expected to be reduced even further, and as we continue to receive and install new miners, we believe that Bitfarms’ market share and our share of block rewards should continue to increase,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer.