Bitfarms increases mining pace, generates 411 BTC in September

The Canadian Bitcoin (BTC) mining steadfast Bitfarms has been actively scaling operations, importantly expanding the magnitude of mined BTC past month.

Bitfarms mined a full of 411 bitcoins successful September 2023 up 7.3% from the magnitude mined successful erstwhile month, the institution announced successful its latest mining updated connected Oct. 2.

Out of 411 BTC mined, Bitfarms sold 362 BTC, generating full proceeds of $9.5 million. The steadfast continues to clasp 703 BTC — worthy astir $20 cardinal astatine the clip of writing.

The mining accumulation summation is simply a effect of Bitfarms continuing to instal caller miners and afloat energizing its Argentina installation astatine Rio Cuarto to 51 megawatt (MW). With caller installations, Bitfarms has reached a full operating capableness of 233 MW, having accrued it by 24% truthful acold successful 2023.

Also successful September, Bitfarms has managed to summation its hashrate 9% from 6.1 exahashes per 2nd (EH/s). Despite important growth, the hashrate is inactive somewhat beneath the firm’s 3rd 4th people of 6.3 EH/s, reflecting immoderate electrical infrastructure delays successful Bitfarm’s Québec installation astatine Baie-Comeau.

According to Bitfarms CEO Geoff Morphy, the institution continues to judge that galore of its champion opportunities for maturation volition originate from the adjacent Bitcoin halving that is expected to hap successful April 2024. The upcoming lawsuit — which happens erstwhile successful 4 years — volition chopped the Bitcoin miner artifact reward from 6.25 BTC to 3.125 BTC, importantly expanding the costs of mining.

“To this end, we are focused connected infrastructure and equilibrium expanse spot to supply the fiscal flexibility to determination aggressively erstwhile conditions for maturation are optimal,” Morphy said.

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Despite Bitfarms posting a signiciant summation successful mining accumulation successful September 2023, the firm’s mining gait is simply a spot little from figures recorded past year. The magnitude of mined BTC past period is 14.6% little than successful September 2022. Bitfarms has mined 3,692 BTC wholly year-to-date, portion past twelvemonth the steadfast generated 3,733 BTC implicit the aforesaid period.

Bitfarms’ cardinal show indicators successful 2023 versus 2022. Source: Bitfarms

The quality comes arsenic Bitcoin’s mining trouble experienced a 2.7% month-over-month surge successful September and Bitcoin miners expect higher BTC prices. According to immoderate estimates, BTC mining trouble is owed to driblet by 0.7% astatine its adjacent automated readjustment connected Oct. 2.

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