Bitfarms (BITF) has provided a Bitcoin production update and announced the date of its second-quarter 2021 financial results.
Mining production highlights
- Mined 391 new Bitcoin during July 2021, Bitfarms’ largest monthly production rate achieved in 2021 and approximately 96 per cent more than its mining production in January 2021. The company is currently mining between 12½ and 13½ Bitcoin per day.
- Mined 1,748 Bitcoin in the first seven months of 2021.
- Deposited 1,678 Bitcoin into custody through August 1, 2021, valued at approximately US$69.8 million based on the July 31st closing price of US$41,626.
Bitcoin production update
As of August 1, 2021, Bitfarms’ year-to-date Bitcoin (BTC) production by month was:
Events in China have increased Bitfarms’ global market share and daily Bitcoin production rate substantially. This increase in market share offsets the reduction in Bitcoin price from a high of approximately US$63,000 in April 2021 to its July 2021 month-end value of US$41,626.
“We are proud to have added 96 per cent of our 2021 year-to-date Bitcoin mined to our long-term inventory program,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer.
“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,” added Mr. Grodzki.
Second-quarter 2021 financial results
Bitfarms will report its second-quarter 2021 financial results on Monday, August 16, 2021, after the market close.
Bitfarms is one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world. It has a diversified production platform with five industrial-scale facilities in Quebec. Each facility is over 99 per cent powered with environmentally-friendly hydropower and secured with long-term power contracts.
Bitfarms Ltd. (BITF) opened trading at C$5.94 per share.