{"id":47340,"date":"2021-08-06T16:29:38","date_gmt":"2021-08-06T13:29:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47340"},"modified":"2025-09-01T20:50:06","modified_gmt":"2025-09-01T17:50:06","slug":"bitfarms-boosts-bitcoin-reserves-to-1678-btc","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitfarms-boosts-bitcoin-reserves-to-1678-btc\/","title":{"rendered":"Bitfarms boosts bitcoin reserves to 1,678 BTC"},"content":{"rendered":"<p>Public mining company Bitfarms announced a rise in Bitcoin production in July and its commitment to a long-term reserve-accumulation strategy.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udce3 Bitfarms, currently powering approximately 1.5% of the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> network with greater than 99% green hydroelectricity, today announces a <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> production update and the announcement date of its second quarter 2021 financial results. <a href=\"https:\/\/t.co\/qSQH5PdFwt\">pic.twitter.com\/qSQH5PdFwt<\/a><\/p>\n<p>\u2014 Bitfarms (@Bitfarms_io) <a href=\"https:\/\/twitter.com\/Bitfarms_io\/status\/1423268934250344448?ref_src=twsrc%5Etfw\">August 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the release, in July the company generated 391 BTC \u2014 this is its best month to date. For comparison: Bitfarms mined 199 BTC in January.<\/p>\n<p>Since the start of the year, daily output has almost doubled, to 12.5-13.5 BTC. According to Fortune, in July Bitfarms\u2019 profit was about $14 million \u2014 compared with February, the figure was up 80%.<\/p>\n<p>In seven months the organization generated 1,748 BTC. The company\u2019s reserves in cryptocurrency rose to 1,678 BTC (about $69.8 million at the rate on July 31), representing 96% of the total mining volume for 2021.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are proud that 96% of the Bitcoin we mined in 2021 has been allocated to the long-term reserve accumulation programme. As growth targets are met, we expect the balance of Bitcoin on the balance sheet to replenish at a faster pace than in the first half,\u201d said founder and CEO Emiliano Grodsky.<\/p>\n<\/blockquote>\n<p>Bitfarms noted that <a href=\"https:\/\/u1f987.com\/en\/news\/foundry-vice-president-by-the-end-of-june-90-of-chinese-miners-will-have-shut-down-their-equipment\">macroeconomic situation in China<\/a> allowed the company to increase its share of the network\u2019s total hash rate to 1.5%. The organisation stressed that 99% of this compute power is supplied by \u201cgreen hydro electricity.\u201d<\/p>\n<p>Growth in market share offset <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-35000\">decline in Bitcoin&#8217;s price<\/a> from May\u2019s highs. The company also managed to lower operating costs and secure significant discounts on existing equipment-supply contracts. It is expected that in 2021-2022 Bitfarms\u2019 equipment fleet will grow by 55,300 units.<\/p>\n<p>In June, Canadian Bitfarms <a href=\"https:\/\/u1f987.com\/en\/news\/bitfarms-shares-fall-7-on-first-day-of-nasdaq-trading\">listed on the Nasdaq stock exchange<\/a>. Shares closed the session on August 5 at $5.13, implying a market capitalization of about $833.54 million. In premarket trading the securities <a href=\"https:\/\/www.nasdaq.com\/market-activity\/stocks\/bitf\">rose<\/a> by 6.43%, to $5.46.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"506\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/bitfarms.png\" alt=\"Bitfarms \u043d\u0430\u0440\u0430\u0441\u0442\u0438\u043b\u0430 \u0440\u0435\u0437\u0435\u0440\u0432\u044b \u0432 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0435 \u0434\u043e 1678 \u043c\u043e\u043d\u0435\u0442\" class=\"wp-image-145111\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/bitfarms.png 680w, https:\/\/u1f987.com\/wp-content\/uploads\/bitfarms-300x223.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><figcaption>Data: Google.<br \/><\/figcaption><\/figure>\n<p>Earlier, another Nasdaq-listed miner Marathon Digital Holdings announced an increase in bitcoin reserves. In July it mined 442.2 BTC, <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-lifts-bitcoin-reserves-to-6225-btc\">are on its balance sheet more than 6,225 BTC<\/a>.<\/p>\n<p>In July, bitcoin mining revenue rose for the first time in four months <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-revenue-rose-in-july-for-the-first-time-in-four-months\">.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Public mining company Bitfarms announced an increase in Bitcoin production in July and its commitment to a long-term reserve-accumulation strategy.<\/p>\n","protected":false},"author":1,"featured_media":47341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,771,1137],"class_list":["post-47340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-canada","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=47340"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47340\/revisions"}],"predecessor-version":[{"id":47342,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47340\/revisions\/47342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47341"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}