- Bitfarms produced 411 bitcoins final month and bought 362.
- The Canadian miner continues to be lagging behind final yr’s figures.
- Bitfarms inventory is at the moment down 40% versus its current 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 complete
The Canadian miner produced a complete of 411 bitcoins final month – of which it bought 362 for about $9.5 million. Geoff Morphy – the Chief Executive of Bitfarms mentioned in a press release at this time:
We proceed to imagine 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 practically $20 million value of Bitcoin (703 in complete). Its complete working capability now sits at 233 MW.
Shares of the bitcoin mining firm are nonetheless down about 40% versus their current excessive.
Bitfarms continues to be lagging final yr’s figures
Bitfarms is dedicated to strengthening its stability sheet and infrastructure forward of the halving occasion subsequent yr – by which, it expects to have paid off underneath $10 million it nonetheless has in debt.
The bitcoin mining firm now has a complete working capability of 233 MW. Its hash price improved one other 9.0% in September to six.1 exahashes per second (EH/s).
Bitfarms needed its hash price 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 yr. Bitfarms mined 3,692 BTC in the primary 9 months of this yr versus 3,733 Bitcoin in the equal interval of 2022. Wall Street at the moment has a consensus “buy” ranking on BITF.
