Bitcoin mining company Bitfarms has increased its output by over 20%

Bitfarms cryptocurrency mining operations are starting to recover after the April Bitcoin halving event.

In June, Bitfarms is received 189 BTC, up from 156 BTC In May. Of the 189 BTC, the company sold 134 for $8.8 million.

Bitfarms currently holds 905 BTC in its treasury, up from 850 the previous month, worth almost $57 million.

Ben Gagnon, one of the mining company's executives, highlighted progress in upgrading rigs and building new facilities, noting the installation of more than 39,000 new machines and the removal of the same number of old ones this year.

"Upgrades at all of our Quebec facilities have now been completed and have significantly expanded our hashing power and improved our energy efficiency and gross mining margins across our entire portfolioGagnon said.

The company ended June with 11.4 EH/s installed and 10.4 EH/s operational, marking a 96% year-over-year increase and a 39% month-over-month increase.

While the 189 BTC mined represents a 21% month-over-month increase, it is a 51% year-over-year decline due to the April halving. This event, which occurs every four years, reduces the reward for mining BTC in order to control its supply.

This mechanism will continue until the total number of BTC in circulation reaches the upper limit of 21 million.
The Block.