Canadian Bitcoin (btc) mining company Bitfarms has been actively scaling its operations, significantly increasing the amount of BTC mined last month.
Bitfarms mined a total of 411 BTC in September 2023, 7.3% more than the amount mined the previous month, according to the company. Announced in its latest mining update on October 2nd.
Of the 411 BTC mined, Bitfarms sold 362 BTC, generating total revenue of $9.5 million. The company still holds 703 BTC, worth almost $20 million at the time of writing.
The increase in mining production is a result of Bitfarms continuing to install new miners and fully energize its Argentine facilities in Rรญo Cuarto to 51 megawatts (MW). With new facilities, Bitfarms has reached a total operating capacity of 233 MW, having increased it by 24% in 2023.
Additionally, Bitfarms increased its hash rate by 9% in September from 6.1 exahashes per second (EH/s). Despite significant growth, the hash rate is still slightly below the company's Q3 target of 6.3 EH/s, reflecting some delays in the electrical infrastructure at Bitfarm's Quebec facility in Baie-Comeau.
According to Bitfarms CEO Geoff Morphy, the company continues to believe that many of its best growth opportunities will arise in the next Bitcoin expected to halve in April 2024. The upcoming event, which occurs once every four years, will reduce the Bitcoin mining block reward from 6.25 BTC to 3.125 BTC, significantly increasing mining costs.
"To this end, we focus on infrastructure and balance sheet strength to provide the financial flexibility necessary to act aggressively when conditions for growth are optimal," Morphy said.
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Even though Bitfarms recorded a significant increase in mining production in September 2023, the company's mining pace is slightly lower than the figures recorded in 2022. The amount of BTC mined in September was 14.6% lower than in 2022. Bitfarms has mined 3,692 BTC since last year. -date, while in 2022, the company generated 3,733 BTC during the same period.
The news comes as Bitcoin mining difficulty saw a 2.7% month-on-month increase in September and Bitcoin miners anticipate higher BTC prices. According to some estimates, BTC mining difficulty will drop by 0.7% on your next automated reset on October 2nd.
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