Toronto-based Bitcoin mining company Bitfarms announced that its operational hash rate reached 11.1 EH/s by the end of July, marking a 109% year-over-year increase and a 7% rise month-over-month. The average operational hash rate for the month was 10.3 EH/s, up 36% from June.

Despite a 1% decline in Bitcoin per EH/s due to a surge in network difficulty, Bitfarms said that the deployment of Bitmain T21 miners helped offset this challenge.

Bitfarms Sees Increased Hash Rate

According to the latest press release, Bitfarms generated 253 BTC in July owing to an increased hash rate. This figure represented a 34% month-over-month increase, although it was 33% lower than the previous year.

Meanwhile, the company sold 142 BTC for $8.6 million, while the remaining 111 BTC increased its treasury holdings to 1,016 BTC, which is worth around $67.2 million.

On average, the company earned 8.2 BTC daily, translating to approximately $542,000 per day based on the BTC price of $66,100 at the end of the month.

In Québec, the Bitfarms Baie-Comeau facilitys expansion to 22 MW is on track for completion by September 1st this year. Meanwhile, in Paraguay, both the Paso Pe and Yguazu sites have been reported to be progressing well, with all five warehouses and eight hydro containers at Paso Pe fully energized and actively hashing.

In a statement, CEO Ben Gagnon said,

As we continue to execute the fleet upgrade program, we are gaining market share and driving increasing amounts of Bitcoin mined month-over-month. Since the halving event in April, our Bitcoin mined per month has increased by 62%. This speaks volumes to our operational expertise and improved efficiency, and I am confident that we are well-positioned to further accelerate our growth and drive value for shareholders.

Bitfarms Hash Rate Remains Below Target

Gagnon explained that Bitfarms hash rate is still below its 12 EH/s target primarily due to a batch of approximately 3,000 T21 miners, which collectively account for about 700 PH/s, not performing as expected. These miners are experiencing overheating problems even in cooler conditions.

To address this issue, Bitmain is replacing these malfunctioning units at their own expense, with new miners scheduled to arrive and be installed within three weeks. Bitfarms asserted that they are working actively with Bitmain to resolve these manufacturing issues and prevent similar problems in future batches, including those expected in August.

Despite this setback, the exec noted that the majority of T21 miners are performing and hashing correctly. He also went on to highlight that further site optimizations and software enhancements are anticipated to improve performance this month.