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The Canadian Bitcoin (BTC) mining company Bitfarms has been diligently expanding its operations, leading to a notable rise in the quantity of BTC mined last month.
In September 2023, Bitfarms mined a total of 411 BTC, representing a 7.3% increase compared to the previous month, as stated in the company’s latest mining update on Oct. 2.
Of the 411 BTC mined, Bitfarms sold 362 BTC, resulting in total revenues of $9.5 million. The company continues to retain 703 BTC, valued at nearly $20 million at the time of this report.
The increase in mining output is attributed to Bitfarms’ ongoing installation of new miners and the full energization of its Argentina facility at Rio Cuarto, which now operates at 51 megawatts (MW). With these new installations, Bitfarms has achieved a total operational capacity of 233 MW, marking a 24% increase in 2023.
Additionally, Bitfarms raised its hash rate by 9% in September, reaching 6.1 exahashes per second (EH/s). Despite this significant growth, the hash rate remains slightly below the company’s third-quarter target of 6.3 EH/s, due to some delays in electrical infrastructure at Bitfarms’ Québec facility in Baie-Comeau.
According to Bitfarms CEO Geoff Morphy, the company maintains that many of its prime growth opportunities will emerge from the upcoming Bitcoin halving anticipated in April 2024. This event, occurring every four years, will reduce the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, which will considerably raise mining costs.
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“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,” Morphy stated.
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Despite Bitfarms reporting a substantial increase in mining output in September 2023, the firm’s mining rate is slightly lower than the figures from 2022. The quantity of BTC mined in September was 14.6% less than in 2022. Year-to-date, Bitfarms has mined 3,692 BTC, while in 2022, the firm produced 3,733 BTC during the same timeframe.
Bitfarms’ key performance indicators in 2023 versus 2022. Source: Bitfarms
This information comes as Bitcoin’s mining difficulty saw a 2.7% increase month-over-month in September, with Bitcoin miners expecting higher BTC prices. Some estimates suggest that BTC mining difficulty will decrease by 0.7% at its next automated adjustment on Oct. 2.
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