Bitfarms Ltd (NASDAQ:BITF) shares are trading higher. The company on Monday provided a production and operations update for June.

What Happened: Bitfarms said it mined 189 Bitcoin (CRYPTO: BTC) last month compared to 156 bitcoin in May as a result of increasing corporate hashrate during the month. The company noted that curtailment in Argentina and downtime associated with upgrading miners in Quebec reduced total production, but it was partially offset by a 0.8% decrease in network difficulty compared to May.

"We continue to make progress on our fleet upgrades and new facility constructions, having installed over 39,000 new miners and deracked over 39,000 old miners so far this year. We exited the month with 11.4 EH/s installed, 10.4 EH/s operational and 25 w/TH efficiency," said Ben Gagnon, chief mining officer of Bitfarms.

"Upgrades at all of our Quebec facilities are now complete and have significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio."

Bitfarms said it ended the month with 10.4 EH/s online, up 96% on a year-over-year basis. The company also increased its installed hash rate to 11.4 EH/s and improved efficiency by 36% on a year-over-year basis and 7.4% month-over-month.

Bitfarms noted that it's now on track to deliver 21 EH/s in 2024. The company also initiated guidance of at least 35 EH/s by the end of 2025.

"As additional opportunities in our pipeline come to fruition, we will update both our contracted power capacity and our 2025 EH/s target. We remain committed to pursuing similar strategic ventures aimed at delivering significant value to our shareholders," said Jeff Lucas, CFO of Bitfarms.

Bitfarms shares may also be getting a lift from a rise in the price of bitcoin. Bitcoin was up 1.72% at $62,678 at the time of publication, according to Benzinga Pro.

BITF Price Action: Bitfarms shares were up 3.5% at $2.65 at the time of publication, per Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.