Amid the rising difficulties in Bitcoin mining, BitFarms reported its August BTC mining and BTC holdings. The report states that mining difficulties did ease down over time from the Bitcoin Halving debacle, and the mining behemoth’s production saw a decline.
August Bitcoin Mining Performance
The company faced increased average network difficulty during the mining process. However, the miners’ enhanced corporate hashrate saved the venture from making heavy losses.
At the end of the month, BitFarms mined 233 BTC worth $13 million. The August mine was about 20 BTC less than the July mine of 253 BTC. The report shows August’s month-over-month earnings were 8% lower, and year-over-year earnings were a massive 39% lower.
Bitfarms’ operational capacity reached 11.3EH/s towards the end of August, showcasing a 102% yearly and a 2% monthly increase. The average monthly capacity stood at 10.4 EH/s.
Bitcoin Treasury Management
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BitFarms has a regular treasury management system to keep its organization functional and profitable. As part of this management practice, BitFarms sold 147 BTC worth around $8.5 million. The company added the remaining 86 BTC to its treasury, which now holds 1,103 BTC, worth $63.83 million.
BitFarms also maintained a synthetic HODL position with 647 long-dated BTC call options as of August 31, 2024, reflecting the miners’ commitment towards holding Bitcoin.
The miner also reported progress in expanding its mining operations, with 5,040 T21 miners distributed to various locations, such as Canada, Washington, and Argentina. The report also mentioned the construction of the Yguazu site in Paraguay, advancing rapidly to the predetermined schedule.
Despite the growing concerns around mining, the BitFarms report can be seen as a positive influence on the overall market, with the demand for Bitcoin growing every day.
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