Bitfarms studies a 7.3% enhance in its month-to-month mining output

• Bitfarms produced 411 bitcoins final month and bought 362.
• The Canadian miner remains to be lagging behind final 12 months’s figures.
• Bitfarms inventory is at present 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 “absolutely 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 Government of Bitfarms mentioned in a press launch as we speak:

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 almost $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 remains to be lagging final 12 months’s figures

Bitfarms is dedicated to strengthening its steadiness sheet and infrastructure forward of the halving occasion subsequent 12 months – 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 wished its hash price to hit 6.3 EH/s within the third quarter however “electrical infrastructure delays” at its Baie-Comeau facility noticed it come a bit shy of the goal.

Observe that the Canadian miner remains to be trailing the numbers it reported final 12 months. Bitfarms mined 3,692 BTC within the first 9 months of this 12 months versus 3,733 Bitcoin within the equal interval of 2022. Wall Avenue at present has a consensus “purchase” score on BITF.