Bitfarms CEO Ben Gagnon said that the company earned 62% more Bitcoin since the Bitcoin halving event in April.
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 attributed the increased income to its fleet upgrade and expansion efforts. The company reported 11.1 exahashes per second (EH/s) operational on July 31. This shows a year-on-year (YoY) increase of 109% and a MoM increase of 7%.
