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Public bitcoin miners have had a difficult couple of months since the price of bitcoin dropped below the $30 level. The digital asset’s mining revenues had plummeted with the price and had brought down the cash flow on bitcoin miners with it. Despite this decline, some bitcoin miners are taking the bear market head-on, using this as a time to build.
Bitfarms Increases Activity
One of the bitcoin miners that has recorded positive growth even through the bear market has been Bitfarms. The company’s recent reports show moves in the right direction in regards to its mining hashrate and the amount of BTC it is producing.
The month of August had seen Bitfarms increase its mining hash rate by 1% to bring its total for the month to 3.9 exahashes per second (EH/s). Furthermore, the miner had also increased its monthly BTC production to 534, translating to a 6.8% increase.
More expansion always lies in the future of the bitcoin miner, with a 50-megawatt warehouse being completed in Rio Cuarto, Argentina. The company plans to further increase its hash rate by another 7% in the month of September to bring its total to 4.2 exahashes per second (EH/s).
Bitcoin Mining Revenues Grow
Bitcoin mining revenues for the month of August have been encouraging. Although there were times when the mining revenue had suffered some setbacks, miners had actually seen their revenues increase by a total of 10% for the month.
The Block reports that bitcoin miner revenues came out to $657 million in August. In contrast, the bitcoin mining revenue for the month of July had come out to a total of $585.25 million. The month of August also saw one of the largest mining difficulty adjustments for the year, surging 9.26%.
