Bitfarms Mines 12.6 Bitcoin Per Day In July

Bitfarms (TSXV: BITF) this morning provided the market with a brief update in terms of its production over the last month. The company saw bitcoin production climb significantly in July, to 391 bitcoin.

Much like Hut 8 Mining (TSX: HUT) reported yesterday, production figures were up significantly on a month over month basis. The increase is partially attributable to bitcoin mining operations going offline in China recently, reducing the difficulty of the network for mining purposes.

With total July production of 391 bitcoins, this figure translates to roughly 12.6 bitcoins being mined each day, thereby making the firm one of the larger operations on the network. A total of 1,748 bitcoin have been mined year to date, of which 1,678 are reportedly held in custody, with their value currently pegged at US$69.8 million.

Full financial results for the quarter are slated to be released on August 16 after the markets close.

Bitfarms last traded at $5.94 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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