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April

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd., a globally integrated Bitcoin mining giant, continues its aggressive growth strategy. The company reached a significant milestone in October 2023 with a total operating capacity of 240 MW, marking a 31% increase from the previous year. <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> also ramped up its <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> to 6.3 EH/s, fuelled by expansions in its facilities in Québec and Argentina.&nbsp; according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/215/bitfarms-earns-398-btc-in-october-2023" rel="noopener noreferrer nofollow">bitfarms</a>.
Despite these positive indicators, the company faced some challenges. Bitfarms produced 398 BTC in October, a slight drop of 3.2% from the 411 BTC mined in September. The decline is attributable to an increased network difficulty, which rose by 9.4% over the same period.
Bitfarms remains committed to a disciplined growth approach, carefully timing its fleet upgrades. The company’s CEO, Geoff Morphy, said this strategy allows them to take advantage of disruptive opportunities, especially with the anticipated Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> in April 2024. The firm also holds long-term and low-cost energy contracts totaling 574 MW, providing ample room for further growth.
Financially, the company is on solid ground. It sold 341 of the 398 BTC it mined, generating proceeds of $10.0 million. Bitfarms added 57 BTC to its treasury, taking its <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/" rel="noopener noreferrer nofollow">HODL</a> to 760 BTC. This represents approximately $26.0 million based on the BTC price of $34,200 at the end of October. In line with its Synthetic <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/" rel="noopener noreferrer nofollow">HODL</a>™ strategy, the company purchased 35 long-dated BTC call options and reduced its total outstanding debt by $1.9 million.
Additionally, Bitfarms will be participating in key industry events, including the Benzinga Future of Crypto in New York and Blockchain Jungle in Costa Rica. These events are expected to provide networking opportunities and a platform to discuss the future of the crypto industry.
In summary, Bitfarms is forging ahead with its expansion plans, even as it navigates the challenges of increased network difficulty. With a robust operating capacity and strong financials, the company is well-positioned to capitalize on the evolving landscape of Bitcoin mining.

Bitfarms Powers Through with Record Operating Capacity, Despite Dip in Monthly BTC Earnings

Ultramining_Eng

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