<\/p>\n
Bitfarms Ltd says its mining output popped 7.3% in September as it continued to install new miners and \u201cfully energised\u201d its facility in Rio Cuarto to 51 MW.<\/p>\n
The Canadian miner produced a total of 411 bitcoins last month \u2013 of which it sold 362 for about $9.5 million. Geoff Morphy \u2013 the Chief Executive of Bitfarms said in a press release<\/a> today:<\/p>\n We 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.<\/p>\n<\/blockquote>\n The Toronto-headquartered firm still holds nearly $20 million worth of Bitcoin (703 in total). Its total operating capacity now sits at 233 MW.<\/p>\n Shares of the bitcoin mining<\/a> company are still down about 40% versus their recent high.<\/p>\n Bitfarms is committed to strengthening its balance sheet and infrastructure ahead of the halving event next year \u2013 by which, it expects to have paid off under $10 million it still has in debt.<\/p>\n The bitcoin mining company now has a total operating capacity of 233 MW. Its hash rate improved another 9.0% in September to 6.1 exahashes per second (EH\/s).<\/p>\n Bitfarms wanted its hash rate to hit 6.3 EH\/s in the third quarter but \u201celectrical infrastructure delays\u201d at its Baie-Comeau facility saw it come a bit shy of the target.<\/p>\n Note that the Canadian miner is still trailing the numbers it reported last year. Bitfarms mined 3,692 BTC in the first nine months of this year versus 3,733 Bitcoin<\/a> in the equivalent period of 2022. Wall Street currently has a consensus \u201cbuy\u201d rating on BITF.<\/p>\n\n
Bitfarms is still lagging last year\u2019s figures<\/h2>\n