“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.”
“With the average BTC price of $27,600 in June, cash flow continues to be positive, both from operations and after scheduled interest and principal payments. We mined 385 BTC and sold 346 BTC, adding 39 BTC to our treasury in June and bringing the total held at month-end to 549 BTC,” concluded Morphy.
June production of 389 BTC was 16.1% lower than the 459 BTC produced in May largely due to the temporary spike in transaction fees received in May along with one less production day.
Network difficulty decreased 1.1% in June as the Bitcoin network responded to summer heatwaves. Difficulty is up 43.2% year-to-date in 2023, while the Bitcoin price is up roughly 84.3% in the same period, resulting in a 31.3% improvement in mining economics as measured by USD/TH/day.
Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 10 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure.