Bit farms increases Bitcoin mining Output by 7.3% in September
Bit farms, a Canadian Bitcoin mining company, has significantly strengthened Bitcoin (BTC) mining results, revealing a 7.3% increase in BTC mining operations for September 2023 compared to the previous month.
Argentina's Bitfarms Facility Increases Mining Yields
The mining company achieved cumulative mining of 411 BC in September 2023. This was revealed as part of the company's latest update on its mining venture, which was released on October 2. The mining increase resulted from the ongoing installation of additional miners and the full activation of the Argentine facility in Rio Cuarto, which now operates at 51 megawatts (MW). As a result, Bitfarms has expanded its total operational capacity to 233 MW, marking a 24% increase by 2023.
In addition, the company experienced a hash rate increase of 9% in September, reaching 6.1 exahashes per second (EH/S). However, the rate has not met the company's third-quarter target of 6.3 EH / s due to delays in electrical infrastructure at Bitfarm's quรฉ Bec facility in Baie-Comeau.
Of the 411 BTC raised, the company sold 362 BTC, which brought the total revenue to $9.5 million. Nevertheless, the company retains 703 BTC, worth about $20 million. According to Geoff Morphy, CEO of Bitfarms, the company is focusing on infrastructure and strengthening its balance sheet to gain financial flexibility. Morphy believes this will empower the company to make a decisive move, especially with Bitcoin halving anticipated by April 2024, providing favorable growth prospects.
This upcoming halving event is critical, slashing Bitcoin miners ' block rewards from 6.25 BTC to 3.125 BTC, and is likely to increase mining costs. Therefore, Bitfarms concentrates on maintaining balance and infrastructure to maximize benefits during optimal growth conditions.
