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Tuesday, May 17, 2022

Bitfarms [NASDAQ: BITF] Announces Mining of 391 New Bitcoins During July 2021

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Bitfarms Ltd. [NASDAQ: BITF] has shared the Bitcoin production update and also disclosed the date of its Q2 2021 financial results. BITF has gained recognition as a publicly-traded Bitcoin mining firm. Presently, the firm is powering nearly 1.5% of the Bitcoin network with greater than 99% green hydroelectricity.

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BITF disclosed that it has mined 391 new Bitcoin during July 2021. Moreover, Bitfarms has achieved the largest monthly production rate in 2021 and also achieved 96% more than its mining production in January 2021. The firm is presently mining between 12½ and 13½ Bitcoin each day.

In addition to this, Bitfarms disclosed that it has mined 1,748 Bitcoin in the first seven months of 2021. This 4-digit number demonstrated that Bitfarms has mined the largest number of Bitcoin in North America. Bitfarms has produced 199 bitcoin in January 2021, 178 in February, and 221 in March. BITF has produced 232, 262, and 265 IN April, May, and June. Additionally, it has produced 391 in July.

Furthermore, it has deposited 1,678 Bitcoin into custody through August 1, 2021. This shows nearly 96% of the Bitcoin production of the firm this year. It has worth nearly US$69.8 million based on the July 31st closing price of US$41,626.

It has been witnessed that increasing Macroeconomics event in China has boosted Bitfarms’ market share and daily Bitcoin production rate considerably. Moreover, the firm also disclosed that it will share its second quarter 2021 financial results on Monday, August 16, 2021, after the market close.

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