Public bitcoin miners are having a hard time over a couple of months since Bitcoin has dropped under the $30K mark. The digital asset market is on a downfall over the last few months which has severely affected the cash flow for the bitcoin miners across the globe.
Regardless of the downsizing market, some Bitcoin miners are giving a tough fight to the situation. Miners are cleverly using the time to build on resources and preparing for the coming future.
Bitfarms, a global bitcoin self-mining company, has witnessed a record growth even in such times when the market is shattering to pieces. The company’s recent report shows the bitcoin miner is moving upward in the right direction. The company is surely improving in terms of mining hashrate and the amount of BTC is producing.
Bitcoin Miners Fighting the Odds
Various bitcoin miners have shown a decent growth rate in August increasing the hash rate by 1% and surging the exahash rate by 3.9% (EH\s). The miner, Bitfarms has increased its monthly production to 534, translating to a 6.8% upsurge.
Bitcoin mining industry, more expansion lies in the future of the bitcoin miner, with a 50 MW warehouse being completed in Rio Cuarto, Argentina. Bitcoin 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).
Bitfarms is not the only one leading the race into growth. Cleanspark, a bitcoin miner, reported that they tripled the exahash rate to 3EH/s.
Bitcoin mining revenues for August seems encouraging. Although there were times when the mining revenue had suffered setbacks over the past few months since the fall of Bitcoin. Even at the times when the market was shrinking miners has witnessed a subtle growth of 10% in the last month.
Moreover, the hash rate has jumped more than 13%, with around 6.64 blocks mined per hour. This is an acceptable scenario as the temperature is coming back to normal in a few Texas places.
Since the market is on a continuous fall the miners was taking precautionary actions. This included reducing the production process to save electricity and reduce the transaction fees. This resulted in transaction fees going way low at the end of August, 2022. August turned out to be a relief for the bitcoin miners, however, with Bitcoin touching $20K mark miners again have to offload more BTC.
Source: https://www.thecoinrepublic.com/2022/09/03/bitcoin-miner-bitfarms-reported-high-increase-in-miner-revenues/