Canadian Bitcoin (BTC) mining firm Bitfarms has experienced a significant increase in its mining operations, resulting in a higher amount of BTC mined last month. Bitfarms recently announced that it mined a total of 411 BTC in September 2023, reflecting a 7.3% increase compared to the previous month’s production. This update was provided by the company in its latest mining report on October 2.
Out of the 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. However, the firm continues to hold 703 BTC, which is currently valued at nearly $20 million. The increase in mining production can be attributed to Bitfarms’ continuous installation of new miners and the full operation of its Argentina facility in Rio Cuarto with a capacity of 51 megawatts (MW). As a result, Bitfarms’ total operating capacity has reached 233 MW, representing a 24% increase in 2023.
In addition, Bitfarms’ hash rate has increased by 9% in September, reaching 6.1 exahashes per second (EH/s). Despite this growth, the hash rate is slightly below the firm’s target of 6.3 EH/s for the third quarter, which is due to some electrical infrastructure delays in Bitfarms’ Québec facility at Baie-Comeau.
Geoff Morphy, the CEO of Bitfarms, expressed his belief that the company’s best opportunities for growth will arise from the upcoming Bitcoin halving, expected to take place in April 2024. This event occurs once every four years and will result in a reduction in the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly increasing the mining costs. Morphy stated that the company is focused on building its infrastructure and maintaining a strong balance sheet to be ready for aggressive growth when conditions are optimal.
Despite the increase in mining production in September 2023, Bitfarms’ pace is slightly lower than the figures recorded in 2022. The amount of BTC mined in September was 14.6% lower compared to the same month in 2022. So far this year, Bitfarms has mined 3,692 BTC, while in 2022, the firm generated 3,733 BTC during the same period.
This news comes at a time when Bitcoin’s mining difficulty experienced a 2.7% month-over-month surge in September. Bitcoin miners are also anticipating higher BTC prices, with estimates suggesting that BTC mining difficulty will decrease by 0.7% during its next automated readjustment on October 2.
In conclusion, Bitfarms’ mining operations have seen significant growth, with an increase in both BTC production and hash rate. Despite some delays and lower figures compared to the previous year, the company remains optimistic about its future growth prospects, particularly with the upcoming Bitcoin halving. Bitfarms continues to focus on strengthening its infrastructure and financial flexibility to take advantage of favorable market conditions.