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Bitfarms Increases Capacity To 166 Megawatts

Bitcoin mining activities continue to increase around the world. Bitcoin miner Bitfarms increased its energy capacity to 166 megawatts in July.

Bitfarms Increases Power Capacity In July 2022

Bitcoin mining company Bitfarms increased its energy capacity to 166 megawatts in July, a 21 percent increase from June 30, after completing the second phase of construction at one of its Canadian locations. According to a monthly update report, the company’s overall hash rate also increased 5.6 percent to 3.8 exahash per second.

This company expects to reach 4 EH/s by the end of this month. Production has also increased at the miner’s two other facilities in Canada and Washington State. The temperature increases experienced around the world also affected the production activities of Bitcoin mining company Bitfarms.

“Unseasonably high temperatures in Quebec and Wahington state at the end of the month reduced miner productivity slightly and affected our corporate hash rate,” said Ben Gagnon, Bitfarms Chief Mining Officer.

The company issued 1,623 Bitcoins during the month and 500 Bitcoins in July 2022. Some of the proceeds were used to reduce a Bitcoin-backed loan by $15 million, and the company’s outstanding loan debt fell to $23 million. Bitfarms had sold 3,000 Bitcoins in June 2022 to pay off part of the $100 million loan it received from Galaxy Digital.