Bitfarms a Canadian Bitcoin mining enterprise, has significantly amplified its Bitcoin (BTC) mining outputs, disclosing a 7.3% enhancement in BTC mining operations for September 2023 compared to the preceding month.
Bitfarms’ Argentina Facility Boosts Mining Results
The mining company achieved a cumulative mining of 411 BTC in September 2023. This comes to light as part of the company’s most recent update on its mining undertakings, released on October 2. The mining uptick results from the ongoing installation of additional miners and the full activation of its Argentina facility at Rio Cuarto, now operating at 51 megawatts (MW). Consequently, Bitfarms has expanded its total operational capacity to 233 MW, marking a 24% increase in 2023.
Moreover, the firm experienced a 9% hike in its hash rate in September, reaching 6.1 exahashes per second (EH/s). However, the rate hasn’t met the firm’s third-quarter target of 6.3 EH/s due to delays in the electrical infrastructure in Bitfarm’s Québec facility at Baie-Comeau.
Out of the 411 BTC amassed, the firm sold 362 BTC, leading to total revenues touching $9.5 million. Nevertheless, the enterprise retains 703 BTC, valued approximately at $20 million. According to Geoff Morphy, Bitfarms CEO, the firm focuses on infrastructure and bolstering its balance sheet to procure financial flexibility. Morphy believes this will empower the company to make assertive strides, especially with the anticipated Bitcoin halving in April 2024, providing lucrative growth prospects.
This upcoming halving event is pivotal, slashing the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, and will likely intensify mining costs. Hence, Bitfarms is concentrating on maintaining balance and infrastructure to maximize benefits during optimal growth conditions.
Year-to-Date Mining Dips for Bitfarms
Despite Bitfarms revealing a notable ascent in its September 2023 mining production, the mining pace lags behind the figures attained in 2022, exhibiting a 14.6% decrease. Additionally, the firm has mined 3,692 BTC year-to-date, a slight dip compared to 3,733 BTC generated over the equivalent period in 2022.
In May, the company garnered attention by acquiring approval for listing on the Nasdaq stock exchange. However, there were initial complications due to non-compliance with Nasdaq’s listing requirements regarding stock price.
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