The Canadian Bitcoin (BTC) mining agency Bitfarms has been actively scaling operations, considerably growing the quantity of mined BTC final month.

Bitfarms mined a complete of 411 BTC in September 2023, up 7.3% from the quantity mined within the earlier month, the corporate introduced in its newest mining replace on Oct. 2.

Out of 411 BTC mined, Bitfarms offered 362 BTC, producing whole proceeds of $9.5 million. The agency continues to carry 703 BTC — value practically $20 million on the time of writing.

The mining manufacturing improve is a results of Bitfarms persevering with to put in new miners and absolutely energizing its Argentina facility at Rio Cuarto to 51 megawatts (MW). With new installations, Bitfarms has reached a complete working capability of 233 MW, having elevated it by 24% in 2023.

Additionally, Bitfarms elevated its hash fee by 9% in September from 6.1 exahashes per second (EH/s). Regardless of important progress, the hash fee continues to be barely under the agency’s third-quarter goal of 6.3 EH/s, reflecting some electrical infrastructure delays in Bitfarm’s Québec facility at Baie-Comeau.

In keeping with Bitfarms CEO Geoff Morphy, the corporate continues to consider that a lot of its finest alternatives for progress will come up from the following Bitcoin halving anticipated to happen in April 2024. The upcoming occasion — which occurs as soon as each 4 years — will reduce the Bitcoin miner block reward from 6.25 BTC to three.125 BTC, considerably growing the prices of mining.

“To this finish, we’re targeted on infrastructure and stability sheet power to supply the financial flexibility to maneuver aggressively when circumstances for progress are optimum,” Morphy mentioned.

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Regardless of Bitfarms posting a big improve in mining manufacturing in September 2023, the agency’s mining tempo is barely decrease than the figures recorded in 2022. The quantity of mined BTC in September was 14.6% decrease than in 2022. Bitfarms has mined 3,692 BTC year-to-date, whereas in 2022, the agency generated 3,733 BTC over the identical interval.

Bitfarms’ key efficiency indicators in 2023 versus 2022. Supply: Bitfarms

The information comes as Bitcoin’s mining problem skilled a 2.7% month-over-month surge in September and Bitcoin miners anticipate higher BTC costs. In keeping with some estimates, BTC mining problem will drop by 0.7% at its subsequent automated readjustment on Oct. 2.

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