Bitcoin mining company Bitfarms reported a 34% month-on-month (MoM) increase in earnings as it increased its mining hashrate following fleet upgrades and expansion. 

According to the Bitcoin ( BTC ) mining firm, its July operations generated 253 BTC, which is worth about $16.2 million at current market prices. Compared to its 189 BTC ($12.1 million) earnings in June, the company saw a 34% increase in monthly earnings from Bitcoin mining.

Bitfarms monthly Bitcoin earnings up 34% amid increased hashrate image 0 Bitfarms monthly BTC production. Source: Bitfarms

Bitfarms attributed the increased income to its fleet upgrade and expansion efforts. The company reported 11.1 exahashes (EH/s) operational on July 31. This shows a year-on-year (YoY) increase of 109% and a MoM increase of 7%.

Furthermore, the company’s average operational EH/s in July was also 10.3, up 36% from June.

Bitfarms reports a 62% earnings increase since the Bitcoin halving

After the Bitcoin halving , when miner rewards were cut in half, Bitfarms announced plans to triple its hashrate. The company said that it would invest about $240 million to upgrade its mining equipment, adding 88,000 more miners.

Following the Bitcoin halving in April, Bitfarms reported that its earnings were down 29% YoY and was 6% lower than the previous month. Despite this, things are starting to turn positive for the Bitcoin mining company.

Bitfarms CEO Ben Gagnon said in the company’s recent earnings report that as the firm executes its fleet upgrade, it had earned 62% more Bitcoin per month compared to the what it generated since the halving event. Gagnon said:

“This speaks volumes to our operational expertise and improved efficiency, and I am confident that we are well-positioned to further accelerate our growth and drive value for shareholders.”

The executive added that its largest site, located in Paso Pe, Paraguay is now fully operational and its construction in Yguazu is rapidly progressing. Gagnon said that four warehouses are being constructed on the site.

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Hashrate still below the target

The executive also explained that its current hashrate is still below its 12 EH/s target because a batch of miners are experiencing overheating issues due to lower temperatures. The company highlighted that they are working with the hardware provider Bitmain to replace the machines and are expecting the delivery to be in August.

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