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Bitcoin mining firm Bitfarms significantly increased the amount of Bitcoin earned last month. Following this development, the Canadian mining company has decided to actively scale its operations. Bitfarms sees the 2024 Bitcoin halving event as an opportunity for growth and is focusing on infrastructure and balance sheet strength to provide financial flexibility.
Infrastructure Improvements Boosted Production
In a statement made by Bitfarms on October 2nd, it was announced that production increased by 7.3% in September 2023 compared to the previous month. The mining company revealed that it mined 411 Bitcoins in September. By selling 362 of these Bitcoins, the Canadian company generated $9.5 million in revenue from its operations. The company continues to hold 703 Bitcoins worth $20 million.
The increase in production is not a coincidence. It is a result of the continued establishment of mining facilities and the supply of 51 megawatts (MW) of energy to the facility in Rio Cuarto. Along with its facilities, Bitfarms reached an operating capacity of 233 MW in 2023, representing a 24% increase.
Additionally, the company increased its hash rate by 9% in September, reaching a level of 6.1 exahashes (EH/s) per second. However, the company officials striving to reach 6.3 EH/s fell short of the target due to some electrical infrastructure delays at Bitfarms’ Baie-Comeau facility.
Bitfarms Optimistic About Halving
Bitfarms CEO Geoff Morphy believes that the best opportunity for growth will come with the halving event. It is interesting for a mining company to have hopes for the halving event, which will take place in April 2024. The halving event, which occurs every four years, will reduce the block reward from 6.25 Bitcoins to 3.125 Bitcoins, significantly increasing mining costs. Morphy explained his thoughts with the following statement:
“With this in mind, we are focusing on infrastructure and balance sheet strength to provide the financial flexibility to aggressively move when conditions are favorable for growth.”
Although an increase in mining production is a positive indicator for the company, Bitfarms’ mining rate is lower than the figures seen in 2022. The amount of Bitcoin mined in September decreased by 14.6% compared to 2022. The company has mined 3,692 Bitcoins from the beginning of the year until now, while in 2022, the same period saw 3,733 Bitcoins mined.
