Bitfarms produces 378 Bitcoins in July

Bitfarms ( NASDAQ: BITF ) said Tuesday that the company produced 378 Bitcoins in July, compared to 385 in June 2023. BTC production was down 1.8% from June 2023 and down 24.4% from July 2022. The company said July production was lower largely due to disruptions caused by extreme weather, resulting in lower average EH/s online. Of the 378 BTC mined, 333 BTC were sold in July for total proceeds of $9.9 million. The company added 45 BTC to its treasury, increasing custody to 594 BTC. The company said it reduced total outstanding indebtedness by $1.8 million, resulting in a remaining balance of $13.7 million as of July 31, 2023. Network difficulty increased 3.3% in July compared to June as Bitcoin miners continued to invest in capacity in anticipation of higher Bitcoin prices. 5.3 EH/s online as of July 31, 2023, up 40% from July 31, 2022, and level with June 30, 2023. 5.0 EH/s average online, down 0.6% from June 2023. 76.1 BTC/average EH/s, down 0.8% from 76.7 in June 2023. 12.2 BTC are mined daily on average, equivalent to about $356,240 per day and approximately $11.0 million for the month based on a BTC price of $29,200 on July 31, 2023. Press Release .