Bitfarms, the Canadian Bitcoin (BTC) mining company, has been actively expanding its operations, resulting in a substantial increase in its BTC production last month.
In its latest mining update on October 2, Bitfarms reported that it mined a total of 411 BTC in September 2023, marking a 7.3% increase compared to the previous month.
Out of the 411 BTC mined, Bitfarms sold 362 BTC, yielding total proceeds of $9.5 million. The company currently retains 703 BTC, valued at nearly $20 million at the time of this report.
This boost in mining production can be attributed to Bitfarms’ ongoing efforts to install new mining equipment and fully activate its Rio Cuarto facility in Argentina, which now boasts a 51-megawatt (MW) capacity. With these installations, Bitfarms has expanded its total operational capacity to 233 MW, representing a 24% increase over the course of 2023.
Additionally, Bitfarms increased its hash rate by 9% in September, reaching 6.1 exahashes per second (EH/s). However, this figure falls slightly short of the company’s third-quarter target of 6.3 EH/s due to some electrical infrastructure delays at Bitfarms’ Baie-Comeau facility in Québec.
Bitfarms CEO Geoff Morphy emphasized the company’s belief in future growth opportunities tied to the upcoming Bitcoin halving scheduled for April 2024. Occurring every four years, this event will halve the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly increasing mining costs. Morphy stated, “To this end, we are focused on bolstering our infrastructure and financial strength to ensure we can act decisively when optimal growth conditions arise.”
Despite achieving significant mining production gains in September 2023, Bitfarms’ pace still lags slightly behind its 2022 figures, with September’s mined BTC output being 14.6% lower than the same period in the previous year. Year-to-date, Bitfarms has mined 3,692 BTC, compared to 3,733 BTC in the same period in 2022.
Bitfarms’ key performance indicators in 2023 versus 2022. Source: Bitfarms
These developments occur as Bitcoin’s mining difficulty experienced a 2.7% month-over-month increase in September, and Bitcoin miners anticipate higher BTC prices. Some estimates suggest that BTC mining difficulty will decrease by 0.7% during its upcoming automated readjustment on October 2.