Bitfarms’ YTD Bitcoin Mining Figures Lower Than 2022

Bitfarms
Ltd., a publicly-listed Bitcoin (BTC) mining company, has released its
production and mining operations update for September 2023. The company
successfully mined 411 Bitcoin, representing a 7.3% increase from the previous
month. Alongside this, Bitfarms also expanded its total operating capacity to
233 MW and improved its energy efficiency metrics. However, the year-to-date
(YTD) results are still worse than a year ago.

According
to the Wall Street-listed company (NASDAQ: BITF) company, the September 2023
mining result of 411 was higher than the 383 mined in August and the highest marks
since May 2023, when Bitfarms was able to produce 459 BTC.

However,
the numbers are significantly lower than in the previous year. In September
2022, the company was able to mine 70 BTC more, totaling 481. Overall, figures
for the first nine months of 2023 at 3,692 BTC are lower than 3,733 BTC mined
in the same period a year earlier.

Source:
Bitfarms

Moving back
to September, Bitfarms made significant strides in its operational
capabilities. The company fully energized its Rio Cuarto facility to 51 MW,
thereby increasing its total operating capacity by 9% to 233 MW.

“In
September, we continued to install new miners and fully energized Rio Cuarto to
51 MW, increasing our operating capacity by 9% to 233 MW. Year-to-date, we
increased operating capacity by 24% and upgraded and expanded our fleet with
over 15,000 additional miners,” said Geoff Morphy, CEO of Bitfarms.

Other operational
highlights included a higher hash rate
Hash Rate

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to…