Blog

• Bitfarms produced 411 bitcoins final month and offered 362.
• The Canadian miner continues to be lagging behind final 12 months’s figures.
• Bitfarms inventory is at present down 40% versus its latest excessive.

Bitfarms Ltd says its mining output popped 7.3% in September because it continued to put in new miners and “fully energised” its facility in Rio Cuarto to 51 MW.

Bitcoin nonetheless holds 703 BTC in whole

The Canadian miner produced a whole of 411 bitcoins final month – of which it offered 362 for about $9.5 million. Geoff Morphy – the Chief Executive of Bitfarms mentioned in a press release at the moment:

We proceed to consider that a lot of our greatest alternatives for progress and funding will come up across the subsequent Bitcoin halving anticipated to happen in April 2024.

The Toronto-headquartered agency nonetheless holds almost $20 million value of Bitcoin (703 in whole). Its whole working capability now sits at 233 MW.

Shares of the bitcoin mining firm are nonetheless down about 40% versus their latest excessive.

Bitfarms continues to be lagging final 12 months’s figures

Bitfarms is dedicated to strengthening its steadiness sheet and infrastructure forward of the halving occasion subsequent 12 months – by which, it expects to have paid off beneath $10 million it nonetheless has in debt.

The bitcoin mining firm now has a whole working capability of 233 MW. Its hash charge improved one other 9.0% in September to six.1 exahashes per second (EH/s).

Bitfarms wished its hash charge to hit 6.3 EH/s in the third quarter however “electrical infrastructure delays” at its Baie-Comeau facility noticed it come a bit shy of the goal.

Note that the Canadian miner continues to be trailing the numbers it reported final 12 months. Bitfarms mined 3,692 BTC in the primary 9 months of this 12 months versus 3,733 Bitcoin in the equal interval of 2022. Wall Street at present has a consensus “buy” score on BITF.