Bitfarms Increases Mining Pace, Generates 411 BTC in September

Bitfarms Ramps Up Operations and Achieves Mining Increase

Canadian Bitcoin mining firm Bitfarms has reported a significant increase in mining production for the month of September. According to the company's latest mining update, Bitfarms mined a total of 411 bitcoins, a 7.3% increase from the previous month.

Selling and Holding Bitcoin

Out of the 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. However, the company continues to hold 703 BTC, which is worth nearly $20 million at the time of writing.

Expanding Operations and Increasing Capacity

Bitfarms credits its mining production increase to the installation of new miners and the full energization of its Argentina facility. The company has reached a total operating capacity of 233 MW, marking a 24% increase in capacity so far in 2023.

Hashrate Growth and Infrastructure Delays

Bitfarms also managed to increase its hashrate by 9% in September. However, the hashrate is slightly below the company's target for the third quarter due to electrical infrastructure delays at its Québec facility.

Anticipation for Bitcoin Halving

Bitfarms CEO Geoff Morphy believes that the company's best opportunities for growth will come after the next Bitcoin halving, expected in April 2024. The halving event will cut the Bitcoin miner block reward, increasing the costs of mining.

Comparison to Previous Year's Figures

Despite the increase in mining production, Bitfarms' output in September 2023 is 14.6% lower than in the same month last year. Year-to-date, the company has mined 3,692 BTC, compared to 3,733 BTC over the same period last year.

Bitcoin Mining Difficulty and Price Expectations

In other news, Bitcoin's mining difficulty experienced a 2.7% month-over-month surge in September. Bitcoin miners are anticipating higher BTC prices, with some estimates suggesting a drop in mining difficulty at the next automated readjustment on Oct. 2.