Bitcoin

April

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125893/332426/adobestock-photocreo-bedn.jpg" srcset="https://cimg.co/news/125893/332426/responsive-images/adobestock-photocreo-bedn___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/125893/332426/responsive-images/adobestock-photocreo-bedn___media_library_original_900_600.jpg 900w, https://cimg.co/news/125893/332426/responsive-images/adobestock-photocreo-bedn___media_library_original_720_480.jpg 720w, https://cimg.co/news/125893/332426/responsive-images/adobestock-photocreo-bedn___media_library_original_600_400.jpg 600w, https://cimg.co/news/125893/332426/responsive-images/adobestock-photocreo-bedn___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: AdobeStock / Photocreo Bednarek</figcaption></figure>Canadian Bitcoin (BTC) mining firm has increased its production capacity this year with eyes locked on better opportunities hinged on the upcoming BTC halving.According to an Oct. 2 <a href="https://www.globenewswire.com/news-release/2023/10/02/2752626/0/en/Bitfarms-Mines-411-BTC-in-September-2023.html">press release on the firm's mining operation</a> for September, the company increased its hashrate, capacity, and efficiency.&nbsp;Last month, the miner generated 411 BTC, selling 362 BTC for approximately $9.5 million bringing up its current asset holdings to 703 BTC worth about $20 million.&nbsp;The company recorded a sharp growth in less than a month as it increased the amount of BTC mined from 383 in August to 411 in September marking a 7.3% growth.<img src="https://cimg.co/news/125893/332425/fdd35b7a-e2ca-4307-b4e1-d.webp" srcset="https://cimg.co/news/125893/332425/responsive-images/fdd35b7a-e2ca-4307-b4e1-d___media_library_original_1233_395.webp 1233w, https://cimg.co/news/125893/332425/responsive-images/fdd35b7a-e2ca-4307-b4e1-d___media_library_original_1200_384.webp 1200w, https://cimg.co/news/125893/332425/responsive-images/fdd35b7a-e2ca-4307-b4e1-d___media_library_original_900_288.webp 900w, https://cimg.co/news/125893/332425/responsive-images/fdd35b7a-e2ca-4307-b4e1-d___media_library_original_720_231.webp 720w, https://cimg.co/news/125893/332425/responsive-images/fdd35b7a-e2ca-4307-b4e1-d___media_library_original_600_192.webp 600w, https://cimg.co/news/125893/332425/responsive-images/fdd35b7a-e2ca-4307-b4e1-d___media_library_original_300_96.webp 300w" width="1233" class="content-img" alt="">The miner cited added facilities in its mining sites and moderate weather across the continent as reasons for the spike in productivity.&nbsp;Overall, <a href="https://cryptonews.com/news/bitcoin-mining-difficulty-hits-new-all-time-high-of-5564-trillion-hashes-why-this-is-bullish-for-the-btc-price.htm">network difficulty</a> increased 2.7% last month as more investors continued to get attracted to the industry in anticipation of higher Bitcoin prices after the crypto winter.&nbsp;This year, network difficulty has increased 61.5% while prices have increased 63.2% within the same period.While the total BTC mined is an improvement from last month, it is a 14.6% decline from the September 2022 figures, a situation blamed on macroeconomic factors, <a href="https://cryptonews.com/news/taiwan-implements-stricter-regulations-bans-unregistered-foreign-crypto-exchanges-from-operating.htm">tightening regulations,</a> etc.&nbsp;With 4,600 miners, the from mined an average of 13.7 BTC raking in approximately $369,000. The company also posted a 45% growth in its hashrate since September 2022 and a 9% growth in the last 30 days.&nbsp;Despite recent improvements, January remains the miner's highest month with 486 BTC mined followed by May with 459 ahead of March and September.&nbsp;The firm has mined 3,692 coins this year almost tapping last year&rsquo;s total of 3,733 with their operational months left.<h2 id="financials-in-shape-ahead-of-halving">Financials in shape ahead of halving&nbsp;</h2>The <a href="https://bitfarms.com/">Nasdaq-listed firm</a> generated $9.5 million from sales, reduced debt by $1.9 million, and maintained a balance of $9.9 million at the end of September.&nbsp;The firm also holds $46 million in cash or its equivalent with a treasury of 703 BTC marking growth as it competes in the crypto bear market.Geoff Morphy, the CEO of Bitfarms highlighted the company&rsquo;s recent growth in new facilities with more upgrades to come in the future.<blockquote>&ldquo;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.&rdquo;&nbsp;</blockquote>Morphy added that the company sees the next BTC honing as an opportunity for growth while focusing on balance sheet strength.<blockquote>&ldquo;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.&rdquo;</blockquote>
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Bitfarms Mines 411 BTC in September, Increases Hashrate by 9%

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