Bitcoin miner Bitfarms expanded power capacity to 166 megawatts in July

Quick Take

  • Bitcoin miner Bitfarms increased its total energy capacity by 21% in July, reaching a total of 166 megawatts.
  • The company sold 1,623 BTC to reduce debt and increase liquidity.

Bitcoin miner Bitfarms increased its energy capacity to 166 megawatts in July — up 21% from June 30 — after finishing the second phase of construction at one of its locations in Canada.

The company's total hash rate also rose by 5.6% to 3.8 exahash per second (EH/s), according to a monthly update released Monday. The company expects to reach 4 EH/s by the end of this month.

Production also increased at two of the miner's other sites in Canada and Washington State. However, it had to contend with the heat.

"Unseasonably high temperatures in Québec and Washington state late in the month also slightly lowered miner productivity and affected our corporate hashrate," said Bitfarms' Chief Mining Officer, Ben Gagnon.


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The company mined 500 BTC in July, having sold 1,623 BTC throughout the month. Part of those revenues was used to reduce a bitcoin-backed loan by $15 million, bringing the outstanding debt to $23 million.

The miner has already sold 3,000 BTC in June to pay down part of a $100 million loan from Galaxy Digital.

Bitfarms held 2,021 BTC in custody as of July 31, after selling 1,623 BTC last month.

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About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).