Bitfarms, the Canadian Bitcoin mining company, has been expanding its operations vigorously. As a result, there has been a substantial increase in the amount of BTC mined last month.
Bitfarms provided its latest mining update on Oct 2, revealing a successful mining achievement in Sept 2023. During that month, it mined an impressive 411 BTC, indicating a notable increase of 7.3% compared to the previous month.
Bitfarms, a mining company, chose to sell 362 out of the 411 BTC it mined. This decision resulted in total proceeds of $9.5 million. Currently, the company still owns 703 BTC, valued at nearly $20 million.
Bitfarms’ increase in mining production can be attributed to their ongoing efforts. They have been installing additional miners and fully activating their 51-megawatt facility in Rio Cuarto, Argentina. With these new installations complete, Bitfarms now has a total operational capacity of 233 MW, which represents a significant 24% increase in 2023.
Bitfarms, a company in the cryptocurrency industry, managed to increase its hash rate by 9% this September. This uptick brought their hash rate to a significant 6.1 exahashes per second (EH/s).
However, it is essential to mention that they fell slightly short of their target for the third quarter – set at 6.3 EH/s. The main reason behind this shortfall was delays in upgrading the electrical infrastructure at Bitfarms’ Baie-Come.
Bitfarms CEO’s Confidence In BTC Halving’s Growth Potential
Bitfarms CEO Geoff Morphy believes that the company’s most promising avenues for growth will arise from the upcoming Bitcoin halving, expected in April 2024. This event occurs once every four years and is set to decrease the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly increasing mining costs.
Morphy expressed that to achieve our objective; our main focus is strengthening our infrastructure and reinforcing our balance sheet. This will enable us to seize growth opportunities aggressively when the conditions are most favorable.
Bitfarms experienced a notable increase in mining production during Sept 2023. However, the company’s mining pace still falls slightly below the achievements 2022. The amount of BTC mined in September saw a decline of 14.6% compared to the same month last year. Year-to-date, Bitfarms has successfully mined 3,692 BTC, while in 2022, they generated 3,733 BTC within the same timeframe.
This development aligns with a 2.7% month-on-month increase in Bitcoin’s mining difficulty in September. Simultaneously, Bitcoin miners eagerly anticipate a surge in BTC prices. According to projections, the upcoming automated adjustment on Oct 2 might lead to a decrease of 0.7% in the BTC mining difficulty.
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