Canadian Bitcoin Mining Giant Bitfarms Boosts Operations, Sept 2023 Output Up 7.3%
Summary:
Canadian Bitcoin mining company Bitfarms has reported a substantial rise in its mining activity, producing a total of 411 bitcoins in September 2023, a 7.3% increase from the previous month. The surge in production is a result of installing new miners and maximizing the capacity of their facility in Argentina. Despite a slight slowdown from last year's pace, the company focuses on robust infrastructure and balance sheet strength to seize opportunities for future expansion.
Bitfarms, a Bitcoin (BTC) mining company based in Canada, increased its mining output substantially in recent months, resulting in a higher quantity of mined BTC in the past month. The company reported a production of a total of 411 bitcoins for September 2023, marking a rise of 7.3% compared to the figure from the month before, according to an announcement made in an update on their mining activities on October 2. From the collection of 411 BTC, the mining organization sold 362 BTC, realizing total revenue of approximately $9.5 million. As it stands, Bitfarms still possesses 703 BTC, valued around $20 million. The increase in mining output can be linked to Bitfarms' efforts to install new mining equipment and fully optimize its facility in Rio Cuarto, Argentina, to 51 megawatts (MW). With the new equipment in place, the company now operates at a total capacity of 233 MW, marking a 24% increase thus far in 2023. Bitfarms also succeeded in enhancing its hashrate by 9% from 6.1 exahashes per second (EH/s) in September. Though this indicates notable growth, the hashrate is still slightly under the company’s target for the third quarter, which is 6.3 EH/s, due to some delays in the electrical infrastructure at Bitfarms' facility in Baie-Comeau, Québec. Bitfarms CEO Geoff Morphy expressed confidence in future growth. He pinpointed Bitcoin’s next halving event in April 2024 - which happens every four years and will reduce the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, subsequently increasing mining costs - as a potential catalyst for growth opportunities. Morphy emphasized the importance of robust infrastructure and a stable balance sheet to seize opportunity for expansion when conditions improve. However, despite the substantial growth in mining activities in September 2023, the company's pace of mining is slightly below the rates observed last year. The quantity of BTC mined last month was down by 14.6% compared to September 2022. Bitfarms has mined a total of 3,692 BTC to date this year, which falls slightly short of the 3,733 BTC produced during the same period last year. Meanwhile, September saw a 2.7% surge in Bitcoin's mining difficulty month-over-month, and Bitcoin miners are predicting inflated BTC prices. Some projections indicate a potential 0.7% decrease in BTC mining difficulty following the next automatic readjustment scheduled for October 2.
Published At
10/2/2023 1:02:26 PM
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