🚀 Bitfarms, the Canadian Bitcoin (BTC) mining firm, increased its production in September 2023, mining a total of 411 BTC, 7.3% more than the previous month. The company sold 362 BTC, generating revenue of $9.5 million and keeping 703 BTC on its balance sheet.
🔌 Bitfarms has installed new miners and energized its plant in Argentina, increasing its total capacity to 233 MW, up 24% in 2023.
⚙️ Despite the growth, the company's hash rate is still below its target for the third quarter, due to delays in electrical infrastructure in Quebec.
📈Bitfarms CEO Geoff Morphy believes the best growth opportunities will come with the upcoming Bitcoin halving in April 2024, which will significantly increase mining costs.
📉 Although September 2023 production was higher, it is still 14.6% lower than September 2022. Bitfarms has mined 3,692 BTC so far this year, while last year it generated 3,733 BTC in the same period.
💬 Do you think the upcoming Bitcoin halving will boost Bitfarms' growth? Comment below!
🔌 Bitfarms has installed new miners and energized its plant in Argentina, increasing its total capacity to 233 MW, up 24% in 2023.
⚙️ Despite the growth, the company's hash rate is still below its target for the third quarter, due to delays in electrical infrastructure in Quebec.
📈Bitfarms CEO Geoff Morphy believes the best growth opportunities will come with the upcoming Bitcoin halving in April 2024, which will significantly increase mining costs.
📉 Although September 2023 production was higher, it is still 14.6% lower than September 2022. Bitfarms has mined 3,692 BTC so far this year, while last year it generated 3,733 BTC in the same period.
💬 Do you think the upcoming Bitcoin halving will boost Bitfarms' growth? Comment below!