Bitfarms mines 385 bitcoin in June

Bitfarms provided a Bitcoin production and mining operations update for June 2023. “Deliveries and installations in Rio Cuarto, Argentina, continued on pace, and we remain on track to expand to our full operating capacity of 50 MW in Rio Cuarto and achieve 6.0 EH/s overall in Q3 2023,” said Geoff Morphy, CEO of Bitfarms. “We continue to identify opportunities for accretive growth ahead of the halving in April 2024. To this end, we are in the final stages of completing our acquisition in Baie-Comeau, Quebec. Once closed, we are positioned to move quickly with miner deployments and expect the first 11 MW of the 22 MW Baie-Comeau expansion to come online this year.” Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In June, BTC production was 385 as compared to 420 BTC in June 2022, as a 47% year-over-year increase in our hashrate offset a 71% increase in network difficulty over the same period. On a sequential month-over-month basis, our corporate hashrate increased by 6%, from 5.0 EH/s to 5.3 EH/s. We recently purchased an additional 1,650 Bitmain S19 Pro + miners for a competitive price of $12.98/TH. Continuing our strategy of focusing on return on investment and accreditive growth, these miners provide the optimal balance between high energy efficiency and performance without the premium pricing associated with the highest efficiency miners available on the market. These miners will be added to the 3,300 miners currently en route to Argentina, representing a total of 4,950 high efficiency miners that will soon fully utilize the 50 MW of infrastructure in Rio Cuarto.”