Bitfarms increases mining pace, generates 411 BTC in September

The Canadian Bitcoin (BTC) mining firm Bitfarms has been actively scaling operations, significantly increasing the amount of mined BTC last month.

Bitfarms mined a total of 411 BTC in September 2023, up 7.3% from the amount mined in the previous month, the company announced in its latest mining update on Oct. 2.

Out of 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. The firm continues to hold 703 BTC — worth nearly $20 million at the time of writing.

The mining production increase is a result of Bitfarms continuing to install new miners and fully energizing its Argentina facility at Rio Cuarto to 51 megawatts (MW). With new installations, Bitfarms has reached a total operating capacity of 233 MW, having increased it by 24% in 2023.

Also, 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 firm’s third-quarter target of 6.3 EH/s, reflecting some electrical infrastructure delays in Bitfarm’s Québec facility at Baie-Comeau.

According to Bitfarms CEO Geoff Morphy, the company continues to believe that many of its best opportunities for growth will arise from the next Bitcoin halving expected to occur in April 2024. The upcoming event — which happens once every four years — will cut the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly increasing the costs of mining.

“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 said.

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Despite Bitfarms posting a significant increase in mining production in September 2023, the firm’s mining pace is slightly lower than the figures recorded in 2022. The amount of mined BTC in September was 14.6% lower than in 2022. Bitfarms has mined 3,692 BTC year-to-date, while in 2022, the firm generated 3,733 BTC over the same period.

The news comes as Bitcoin’s mining difficulty experienced a 2.7% month-over-month surge in September and Bitcoin miners anticipate higher BTC prices. According to some estimates, BTC mining difficulty will drop by 0.7% at its next automated readjustment on Oct. 2.

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