Bitfarms mined 6.8% more bitcoin in August

Bitcoin miner Bitfarms mined 534 BTC in August — a 6.8% increase from the previous month — while increasing its hashrate by 1% to 3.9 exahashes per second (EH/s).

The company is close to completing the first 50-megawatt warehouse of its facility in Rio Cuarto, Argentina, Bitfarms said Thursday in a monthly update.

«More specifically, the first 10 MW of this warehouse is planned to be energized and start production ahead of schedule later this month, with capacity being added incrementally throughout Q4 2022,» said president and chief operating officer Geoff Morphy.

The company expects to grow its hash rate to 4.2 EH/s by the end of September. Construction on the second warehouse in Rio Cuarto is supposed to start in the second quarter of 2023.

As of August 31, the company held 2,128 BTC in custody, equivalent to $43 million based on a bitcoin price of $20,300.

It sold 427 BTC last month, down from 1,623 BTC in July and 3,000 BTC in June.

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