Bitfarms records 270% increase in July hashrate and 28% growth in new mined bitcoin

Bitfarms (NASDAQ:BITF) reported 3.8 EH/s online as of July 31, 2022, a Y/Y increase of 270% and 6% higher from prior month."We partially offset new miner installations at this location with miner redeployments resulting in growth in our hashrate to 3.8 EH/s, up 6% from 3.6 EH/s at the beginning of July. Unseasonably high temperatures in Québec and Washington state late in the month also slightly lowered miner productivity and affected our corporate hashrate," Chief Mining Officer Ben Gagnon commented. During July 2022, the company mined 500 new BTC (+28% Y/Y, +19% M/M).On an average, the company mined 16.1 BTC daily which is equal to $384,279/day and ~$12M based on BTC price of $23.9K.As of July 31, 2022, the company had 2,021 BTC in custody representing ~$48M; BTC held in custody on July 31, 2022, reflects the sale of 1,623 BTC during July 2022.The company's total capacity increased to 166 MW (+21% M/M).In July, Bitfarms completed financing activities that further reduced overall debt and increased liquidity and financial flexibility; it reduced outstanding balance of its BTC-backed loan facility by $15M while as of July 31, the loan balance of its BTC-backed facility was $23M.