Bitfarms, a Canadian Bitcoin (BTC) mining firm, has seen significant growth in its operations, resulting in a higher amount of mined BTC in September 2023. According to the company’s latest mining update on October 2, Bitfarms mined a total of 411 BTC in September, representing a 7.3% increase from the previous month.
Out of the 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. The remaining 703 BTC is currently held by the firm, with a value of nearly $20 million at the time of writing.
This increase in mining production can be attributed to Bitfarms’ ongoing efforts in installing new miners and fully energizing its Argentina facility at Rio Cuarto, which has reached a capacity of 51 megawatts (MW). With these new installations, Bitfarms now has a total operating capacity of 233 MW, reflecting a 24% increase in capacity during 2023.
Additionally, Bitfarms increased its hash rate by 9% in September, reaching 6.1 exahashes per second (EH/s). However, this is slightly below the firm’s third-quarter target of 6.3 EH/s, as there were some delays in the electrical infrastructure of Bitfarm’s Québec facility at Baie-Comeau.
Geoff Morphy, the CEO of Bitfarms, expressed his belief that the company’s best growth opportunities will arise from the upcoming Bitcoin halving expected to occur in April 2024. This event, which happens once every four years, will reduce the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC. As a result, the costs of mining will significantly increase.
Morphy stated, “To this end, we are focused on infrastructure and balance sheet strength to provide the financial flexibility to move aggressively when conditions for growth are optimal.”
Although Bitfarms experienced a notable increase in mining production in September 2023, the pace of mining remains slightly lower compared to the figures recorded in 2022. The amount of BTC mined in September was 14.6% lower than in the same period last year. Year-to-date, Bitfarms has mined 3,692 BTC, slightly fewer than the 3,733 BTC mined during the same period in 2022.
This news comes as Bitcoin’s mining difficulty saw a 2.7% month-over-month surge in September, and Bitcoin miners anticipate higher BTC prices. Some estimates suggest that BTC mining difficulty will decrease by 0.7% at its next automated readjustment on October 2.
Overall, Bitfarms’ scaling operations have resulted in increased mining production and a higher operating capacity. The company’s focus on infrastructure and financial strength positions it well for future growth opportunities, particularly in anticipation of the Bitcoin halving in April 2024.
