Bitfarms' energy capacity increased to 21% in July from June 30.
According to Bitfarms' monthly update, the total hash rate also increased by 5.6% to 3.8 exahash per second (EH/S); it plans to further increase the rate to 4 EH/s by the end of August 2022.
The company further added that it witnessed an increase in production at two other sites in Canada and Washington State.
However, Bitfarms' Chief Mining Officer, Ben Gagnon, said, "unseasonably high temperatures in Québec and Washington state late in the month also slightly lowered miner productivity and affected our corporate hashrate."
In July, Bitfarm mined 500 BTC and sold 1,623 BTC throughout the month. The revenue it collected was utilised to cut down a bitcoin-backed loan by $15 million, bringing the outstanding debt to $23 million.
While in June, the miner sold 3,000 BTC to pay down a portion of a $100 million loan from Galaxy Digital.
Since July 31, Bitfarms has held 2,021 BTC in custody after selling 1,623 BTC last month....
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