{"id":67920,"date":"2023-10-02T15:05:55","date_gmt":"2023-10-02T19:05:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitfarms-mines-411-btc-in-september-increases-hashrate-by-9\/"},"modified":"2023-10-02T15:05:58","modified_gmt":"2023-10-02T19:05:58","slug":"bitfarms-mines-411-btc-in-september-increases-hashrate-by-9","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=67920","title":{"rendered":"Bitfarms Mines 411 BTC in September, Increases Hashrate by 9%"},"content":{"rendered":"
\n

Canadian Bitcoin (BTC) mining firm has increased its production capacity this year with eyes locked on better opportunities hinged on the upcoming BTC halving.<\/p>\n

According to an Oct. 2 press release on the firm’s mining operation<\/u> for September, the company increased its hashrate, capacity, and efficiency.\u00a0<\/p>\n

Last month, the miner generated 411 BTC, selling 362 BTC for approximately $9.5 million bringing up its current asset holdings to 703 BTC worth about $20 million.\u00a0<\/p>\n

The company recorded a sharp growth in less than a month as it increased the amount of BTC mined from 383 in August to 411 in September marking a 7.3% growth.<\/p>\n

The miner cited added facilities in its mining sites and moderate weather across the continent as reasons for the spike in productivity.\u00a0<\/p>\n

Overall, network difficulty<\/u> increased 2.7% last month as more investors continued to get attracted to the industry in anticipation of higher Bitcoin prices after the crypto winter.\u00a0<\/p>\n

This year, network difficulty has increased 61.5% while prices have increased 63.2% within the same period.<\/p>\n

While the total BTC mined is an improvement from last month, it is a 14.6% decline from the September 2022 figures, a situation blamed on macroeconomic factors, tightening regulations,<\/u> etc.\u00a0<\/p>\n

With 4,600 miners, the from mined an average of 13.7 BTC raking in approximately $369,000. The company also posted a 45% growth in its hashrate since September 2022 and a 9% growth in the last 30 days.\u00a0<\/p>\n

Despite recent improvements, January remains the miner’s highest month with 486 BTC mined followed by May with 459 ahead of March and September.\u00a0<\/p>\n

The firm has mined 3,692 coins this year almost tapping last year\u2019s total of 3,733 with their operational months left.<\/p>\n

Financials in shape ahead of halving\u00a0<\/h2>\n

The Nasdaq-listed firm<\/u> generated $9.5 million from sales, reduced debt by $1.9 million, and maintained a balance of $9.9 million at the end of September.\u00a0<\/p>\n

The firm also holds $46 million in cash or its equivalent with a treasury of 703 BTC marking growth as it competes in the crypto bear market.<\/p>\n

Geoff Morphy, the CEO of Bitfarms highlighted the company\u2019s recent growth in new facilities with more upgrades to come in the future.<\/p>\n

\n

\u201cIn September, we continued to install new miners and fully energized Rio Cuarto to 51 MW, increasing our operating capacity by 9% to 233 MW. Year-to-date, we increased operating capacity by 24% and upgraded and expanded our fleet with over 15,000 additional miners.\u201d\u00a0<\/i><\/p>\n<\/blockquote>\n

Morphy added that the company sees the next BTC honing as an opportunity for growth while focusing on balance sheet strength.<\/p>\n

\n

\u201cWe continue to believe that many of our best opportunities for growth and investment will arise around the next Bitcoin halving expected to occur in April 2024.\u201d<\/i><\/p>\n<\/blockquote><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian Bitcoin (BTC) mining firm has increased its production capacity this year with eyes locked on better opportunities hinged on the upcoming BTC halving. According to an Oct. 2 press release on the firm’s mining operation for September, the company increased its hashrate, capacity, and efficiency.\u00a0 Last month, the miner generated 411 BTC, selling 362 […]<\/p>\n","protected":false},"author":1,"featured_media":67921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-67920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBitfarms Mines 411 BTC in September, Increases Hashrate by 9% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Canadian Bitcoin (BTC) mining firm has increased its production capacity this year with eyes locked on better opportunities hinged on the upcoming BTC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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