Bitfarms, a prominent Bitcoin mining company, recently announced a notable 34% rise in earnings month-over-month, following significant upgrades and expansions in its mining operations. July’s figures were particularly striking, with the company mining 253 BTC valued at approximately $16.2 million, compared to 189 BTC ($12.1 million) in June. This boost is attributed to an impressive fleet enhancement and a sharp increase in operational efficiency.

Continuing its upward trajectory, Bitfarms reported an operational rate of 11.1 exahashes per second at the end of July, marking a 109% increase year-on-year and a 7% rise from the previous month. Such growth underscores the firm’s strategic investment in mining technology, which has led to a substantial 36% increase in average operational exahashes from June to July.

After the Bitcoin halving event, which reduced miner rewards, Bitfarms has not only recovered but also reported a 62% increase in monthly earnings. CEO Ben Gagnon highlighted the firm’s robust operational expertise and ongoing expansions, expressing confidence in accelerating growth and enhancing shareholder value.

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