Bitfarms Ltd, a Canadian bitcoin mining company, has announced a 7.3% increase in its mining output for the month of September. The company attributes this growth to the installation of new miners and the full operation of its facility in Rio Cuarto, which has a capacity of 51 MW. However, despite the increase in mining output, Bitfarms is still behind last year’s figures.

Key Points:

• Bitfarms produced a total of 411 bitcoins in September and sold 362 of them for approximately $9.5 million.
• The company currently holds 703 BTC, which is worth nearly $20 million.
• Bitfarms’ total operating capacity has reached 233 MW.
• The company’s stock is down 40% from its recent high.

The Chief Executive of Bitfarms, Geoff Morphy, expressed optimism about the future and mentioned that the company sees opportunities for growth and investment around the upcoming Bitcoin halving event in April 2024. Bitfarms aims to strengthen its balance sheet and infrastructure before the halving and plans to pay off its remaining debt of less than $10 million.

Despite the positive news, Bitfarms is still trailing behind its mining performance from last year. In the first nine months of 2023, the company mined 3,692 BTC, compared to 3,733 BTC in the same period of 2022. Wall Street analysts currently have a consensus “buy” rating on Bitfarms’ stock.

FAQs

1. How many bitcoins did Bitfarms produce and sell in September?

Bitfarms produced 411 bitcoins in September and sold 362 of them.

2. How much is Bitfarms’ total bitcoin holding worth?

Bitfarms currently holds 703 BTC, which is valued at nearly $20 million.

3. What is Bitfarms’ total operating capacity?

Bitfarms’ total operating capacity is 233 MW.

4. Why is Bitfarms’ stock down?

Bitfarms’ stock is down about 40% from its recent high.