Bitfarms Ltd., a global vertically integrated Bitcoin mining company, has released its Bitcoin (BTC) production and mining operations update for July 2023. The report, published on August 1, 2023, provides detailed insights into the company’s recent activities, performance metrics, and future plans.
Mining Performance and Expansion
In July 2023, Bitfarms mined 378 BTC, a decrease of 1.8% compared to 385 BTC in June 2023. The reduction was attributed to a 3.3% increase in network difficulty and disruptions caused by extreme weather events, including record temperatures and wildfires in Quebec. A direct lightning strike that disabled the primary electricity transformer at the Magog farm also contributed to the temporary reduction in production.
Despite these challenges, Bitfarms initiated an expansion plan to nearly double its hydropower capacity to 350 MW by acquiring 150 MW of under-utilized hydropower in Paraguay. Construction on…
