Bitfarms mines 378 bitcoin in July

Bitfarms provides a Bitcoin, BTC, production and mining operations update for July 2023. “We follow a disciplined and accretive growth strategy of securing low-cost power and investing capital wisely in highly efficient operations with compelling projected returns,” said Geoff Morphy, CEO of Bitfarms. “To this end, in July we initiated an expansion plan to nearly double our hydropower capacity to 350 MW by acquiring 150 MW of under-utilized hydropower in Paraguay. As an industry veteran of over five years with operations in four countries, Bitfarms has a proven track record of expeditiously establishing operations in new jurisdictions. Through expansion in Paraguay, the Company seeks to leverage its industry knowledge and economies of scale to drive greater production efficiency. We plan to commence construction on the first 50 MW facility here in Q3 2023.” “In July, we started production at our 11th farm in Baie-Comeau. It is on track to reach its first 11 MW of production in Q3 2023 with an additional 11 MW targeted to come online in 2H 2024. Upon completion, Baie-Comeau will increase our Quebec portfolio to 8 sites and 170 MW of low-cost hydro power. With miner deliveries and installations progressing smoothly in Rio Cuarto, Argentina, we are confident we will achieve our Q3 2023 target hashrate of 6.3 EH/s,” concluded Morphy.