Canadian Bitcoin (BTC) mining company Bitfarms has been actively ramping up its operations, significantly increasing the amount of BTC mined in the past month.
Bitfarms mined a total of 411 BTC in September 2023, up 7.3% from the amount mined the previous month, the company said. announcement in its latest mining update on October 2.
Out of 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. The company continues to hold 703 BTC, worth almost $20 million at the time of writing.
The increase in mining production is the result of Bitfarms continuing to install new miners and fully powering up its Argentine Rio Cuarto facility to 51 megawatts (MW). With new installations, Bitfarms reached a total operating capacity of 233 MW, having increased it by 24% in 2023.
Additionally, Bitfarms increased its hash rate by 9% in September, from 6.1 exahashes per second (EH/s). Despite significant growth, the hash rate is still slightly below the company’s 6.3 EH/s target for the third quarter, reflecting some delays in the power infrastructure at Bitfarm’s Quebec facility in Baie-Comeau.
According to Geoff Morphy, CEO of Bitfarms, the company continues to believe that many of its best growth opportunities will come from the next Bitcoin Halving Expected to Happen in April 2024. The upcoming event – which takes place every four years – will reduce the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly increasing mining costs.
“To this end, we are focused on infrastructure and balance sheet strength to provide the financial flexibility to act aggressively when growth conditions are optimal,” Morphy said.
Although Bitfarms showed a significant increase in its mining production in September 2023, the company’s mining pace is slightly lower than the figures recorded in 2022. The amount of BTC mined in September was 14.6% lower than that of 2022. Bitfarms mined 3,692 BTC per year. -date, while in 2022, the firm generated 3,733 BTC over the same period.
The news comes as Bitcoin mining difficulties saw a 2.7% month-over-month increase in September and Bitcoin miners expect BTC prices to rise. According to some estimates, BTC mining difficulty will decrease by 0.7% during its next automated readjustment on October 2.
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