Canadian Bitcoin (BTC) mining company Bitfarms has been aggressively expanding its operations, with the number of BTC mined increasing significantly last month.
Bitfarms mined a total of 411 BTC in September 2023, an increase of 7.3% from the previous month. The company declare In the latest mining update on October 2nd.
Of the 411 Bitcoins mined, Bitfarms sold 362 Bitcoins for a total proceeds of $9.5 million. The company continues to hold 703 BTC, worth nearly $20 million at the time of writing.
The increase in mining output is the result of Bitfarms continuing to install new mining machines and fully electrify its Argentinian facility in Rio Cuarto to 51 megawatts (MW). With the addition of new installation capacity, Bitfarms’ total operating capacity has reached 233 MW, growing by 24% by 2023.
Also in September, Bitfarms managed to increase its hash rate by 9% from 6.1 exahashes per second (EH/s). Despite the significant growth, hashrate is still slightly below the company’s third-quarter target of 6.3 EH/s, reflecting some delays in power infrastructure at Bitfarm’s Baie-Comeau, Quebec, facility.
Bitfarms CEO Geoff Morphy said the company still believes many of its best growth opportunities will come from the next Bitcoin halving, which is expected to occur in April 2024. The upcoming event (once every four years) will cut the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC and increase the cost of mining significantly.
“To do this, we are focused on our infrastructure and balance sheet strength to provide the financial flexibility to act aggressively when growth conditions are optimal,” Morphy said.
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Although Bitfarms reported a significant increase in mining production in September 2023, the company’s mining speed dropped slightly from the data recorded last year. The amount of BTC mined last month was 14.6% lower than in September 2022. Bitfarms has mined 3,692 BTC year to date, while the company mined 3,733 BTC during the same period last year.
The news comes as Bitcoin mining difficulty surged 2.7% in September from the previous quarter, and Bitcoin miners expect BTC prices to rise. It is estimated that the BTC mining difficulty will drop by 0.7% at the next automatic adjustment on October 2.
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