By dramatically expanding its mining operations, Canadian Bitcoin mining company Bitfarms boosted the amount of BTC mined in September 2023 by 7.3%. A total of 411 bitcoins were mined by the business, an increase over the previous month, and 362 bitcoins were sold for a total of $9.5 million in revenue. At the time of writing, Bitfarms still held 703 BTC, which was worth about $20 million.
Bitfarms has increased mining output by installing new miners and fully energizing its Rio Cuarto operation in Argentina to 51 megawatts (MW). The company has now boosted its operating capacity by 24% in 2023, to 233 MW, with the addition of these new projects. In addition, Bitfarms was able to improve its hashrate by 9% from 6.1 exahashes per second (EH/s) in September. However, this achievement falls short of the company’s third-quarter target of 6.3 EH/s due to electrical infrastructure delays at its Baie-Comeau site in Québec.
Geoff Morphy, the CEO of Bitfarms, thinks that the upcoming Bitcoin halving, which is anticipated to take place in April 2024, will present the finest prospects for business growth. The block reward for Bitcoin miners will decrease due to this once every four years from 6.25 BTC to 3.125 BTC, drastically raising mining costs. According to Morphy, the company is concentrating on building out its infrastructure and strengthening its balance sheet to give it the financial pliability to act quickly when the conditions are right for expansion. The quantity of BTC mined last month was 14.6% less than in September 2022, despite the huge increase in mining productivity in September 2023. Bitfarms’ mining pace is slightly slower than data recorded last year. As of today, the company has mined 3,692 BTC, compared to 3,733 BTC over the same period last year.