April 19, 2024
Bitfarms’ expansion drives a 7.3% surge in Bitcoin production
Latest Cryptocurrency News

Bitfarms Ramps Up Bitcoin Production, Achieving 7.3% Growth in September

Canadian Bitcoin mining company Bitfarms has been actively expanding its operations, resulting in a significant boost in its Bitcoin production last month.

In its latest mining update on October 2, Bitfarms reported that it mined a total of 411 BTC in September 2023, marking a 7.3% increase compared to the previous month.

Out of the 411 BTC mined, Bitfarms managed to sell 362 BTC, generating a total of $9.5 million in revenue. The company still retains possession of 703 BTC, which is valued at nearly $20 million as of the current date.

The surge in mining production can be attributed to Bitfarm’s ongoing efforts to install new miners and fully activate its Argentina facility at Rio Cuarto, now operating at 51 megawatts (MW). With these additional installations, Bitfarms has achieved a total operational capacity of 233 MW, reflecting a 24% increase in 2023.

Furthermore, Bitfarms increased its hash rate by 9% in September, reaching 6.1 exahashes per second (EH/s). However, this figure remains slightly below the company’s third-quarter target of 6.3 EH/s due to some electrical infrastructure delays at Bitfarms’ Québec facility in Baie-Comeau.

Bitfarms CEO Geoff Morphy expressed the company’s belief that its most promising growth opportunities will arise from the next Bitcoin halving event expected in April 2024. This event, occurring every four years, will reduce the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly elevating mining costs. Morphy emphasized the company’s focus on strengthening its infrastructure and balance sheet to ensure financial flexibility for seizing growth opportunities when conditions are optimal.

Despite the notable increase in mining production in September 2023, Bitfarms’ mining pace for the month was slightly lower compared to figures recorded in 2022, with a 14.6% decline in the amount of mined BTC. Year-to-date, Bitfarms has mined 3,692 BTC, whereas in the same period in 2022, the company generated 3,733 BTC.

These developments coincide with a 2.7% month-over-month increase in Bitcoin’s mining difficulty in September, while Bitcoin miners anticipate higher BTC prices. Some estimates suggest that BTC mining difficulty will decrease by 0.7% at the upcoming automated readjustment on October 2.

Image by freepik

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