Future

Bitcoin

April

James

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a>, a leading Bitcoin mining company, made substantial headway in its September operations. It fully energized its Rio Cuarto facility to 51 MW. This expansion pushed the firm's total operating capacity to 233 MW, marking a 9% increase. In line with this, its <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> soared to 6.1 EH/s, although it fell slightly short of the Q3 target due to some electrical delays, according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/211/bitfarms-mines-411-btc-in-september-2023">bitfarms</a>. 
Eyeing the next Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> in April 2024, CEO Geoff Morphy said the company is fortifying its balance sheet. This preparation allows them to move aggressively when growth opportunities arise. <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a> reduced its debt to less than $10 million, strategically timed to be fully paid off before the <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> event. 
The Chief Mining Officer, Ben Gagnon, announced that the company's BTC <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> for September was 411. This marks a 7.3% rise from August, even with a 2.7% network difficulty increase. He emphasized that Bitfarms is optimizing its fleet in anticipation of acquiring the next-gen sub-20 w/TH miners after the 2024 halving. As of September, the mining portfolio includes 23% sub-30 w/TH miners, 58% 30-40 w/TH machines, and 19% 40-45 w/TH machines. 
Financially, the company is in a strong position. It sold 362 of the 411 BTC mined in September, generating $9.5 million in revenue. Bitfarms also increased its Bitcoin treasury to 703 BTC, valued at approximately $19 million. Additionally, it holds $46 million in cash and equivalents, providing ample liquidity for future endeavors. 
To keep stakeholders informed and engaged, Bitfarms plans to attend several key industry events in October and November. These include the Dawson James Small Cap Growth Conference, Bitcoin Mining Council in Washington, DC, and Benzinga Future of Crypto. With these strategic moves, Bitfarms is not just planning for the immediate future but setting the stage for long-term sustainable growth.

Bitfarms Ramps Up Operations with 411 BTC Mined in September and Readies for the 2024 Halving

Ultramining_Eng

Other articles published on Oct 2, 2023

Bitcoin Investment Products See Net Inflows of $20.4 Million!

CertiK report highlights crypto scam trend in September

Shibarium Nears Key Landmark as Shiba Inu Prepares for Big Move

Judge says Sam Bankman-Fried cant blame FTX lawyers in opening remarks

Coinecta, Cardano Launchpad, Kicks Off

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

Join our free newsletter for daily crypto updates!