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.
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.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.