Bitcoin BTC -0.51% miner Bitfarms said in its month-end update on Thursday that it mined 534 BTC in August, an increase of 6.8% month-on-month compared to the previous month, while increasing its hash rate by 1% to 3.9EH/s.
The company is nearing completion of its first 50-megawatt warehouse at its Rio Cuarto facility in Argentina, and expects to increase its hash rate to 4.2EH/s by the end of September.
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Construction of Rio Cuarto’s second warehouse is expected to begin in the second quarter of 2023. Additionally, Bitfarms sold 427BTC last month, down from 1,623BTC in July and 3,000BTC in June.
As of August 31, the company held 2,128 BTC, which is equivalent to $43 million at a price of $20,300 per piece.
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