Bitfarms Increases Bitcoin Mining Operations and Production
The Canadian Bitcoin mining firm, Bitfarms, has been expanding its operations and significantly increasing its Bitcoin production. In September 2023, Bitfarms mined a total of 411 bitcoins, a 7.3% increase from the previous month.
Out of the 411 BTC mined, Bitfarms sold 362 BTC, generating $9.5 million in proceeds. The company currently holds 703 BTC, which is valued at nearly $20 million.
Expansion and Growth
Bitfarms attributes its increased mining production to the installation of new miners and the full activation of its Argentina facility, reaching a total operating capacity of 233 MW. This represents a 24% increase in operating capacity for Bitfarms in 2023.
The firm also managed to increase its hashrate by 9% in September, although it fell slightly short of its third-quarter target due to electrical infrastructure delays.
Anticipating Bitcoin Halving
Bitfarms CEO Geoff Morphy believes that the next Bitcoin halving event in April 2024 will present significant growth opportunities for the company. The halving will reduce the block reward for miners from 6.25 BTC to 3.125 BTC, leading to higher mining costs.
To prepare for this event, Bitfarms is focused on strengthening its infrastructure and balance sheet to have the financial flexibility to capitalize on optimal growth conditions.
Mixed Performance Compared to Last Year
Although Bitfarms experienced a notable increase in mining production in September 2023, it fell short compared to figures from September 2022. The amount of mined BTC last month was 14.6% lower than the previous year.
Year-to-date, Bitfarms has mined 3,692 BTC, whereas in the same period last year, it generated 3,733 BTC.
Bitcoin Mining Difficulty and Price Expectations
In September, Bitcoin’s mining difficulty saw a 2.7% month-over-month surge. Bitcoin miners are anticipating higher BTC prices, and some estimates suggest that the mining difficulty will decrease by 0.7% in its next automated readjustment on October 2.
Hot Take: Bitfarms Expands Operations and Prepares for Bitcoin Halving
Bitfarms, a Canadian Bitcoin mining firm, has been actively scaling its operations and increasing its mining production. With new installations and expanded capacity, Bitfarms has achieved significant growth in 2023. The company is also preparing for the upcoming Bitcoin halving event in April 2024, which is expected to raise mining costs. Despite a lower mining pace compared to last year, Bitfarms remains optimistic about future growth opportunities. As Bitcoin’s mining difficulty rises and miners anticipate higher BTC prices, Bitfarms continues to position itself for success.
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