A leading Bitcoin mining company from Canada has expanded its production capabilities this year, gearing up for promising opportunities related to the upcoming Bitcoin halving.
A press release dated October 2 regarding the company’s September mining activities revealed improvements in its hashrate, overall capacity, and efficiency.
In the previous month, the company mined 411 BTC and sold 362 BTC, netting approximately $9.5 million. This has increased its current Bitcoin holdings to 703 BTC, valued at roughly $20 million.
Notably, the firm saw a significant rise in its monthly performance, registering a 7.3% increase in BTC mined – from 383 in August to 411 in September.
The mining company attributed its heightened productivity to expanded facilities at its mining locations and the favorable weather conditions spanning the continent.
In the broader picture, network difficulty saw an uptick of 2.7% in the past month, as the allure of prospective higher Bitcoin valuations following the cryptocurrency downturn has drawn more investors into the sector.
For this year, there has been a 61.5% surge in network difficulty, while the price of Bitcoin has risen by 63.2% over the same span.
Even though there’s a marked increase in the total BTC mined compared to the previous month, it’s worth noting a 14.6% drop compared to the figures from September 2022. This downturn is largely attributed to overarching economic factors and increasing regulatory measures.
With a fleet of 4,600 miners, the company managed to mine an average of 13.7 BTC daily, translating to an estimated revenue of $369,000. Moreover, the company reported a notable 45% increase in its hashrate since September 2022 and a 9% growth in the past month alone.
However, in terms of monthly outputs, January still stands out as the top-performing month for the miner, having mined 486 BTC. This is closely followed by May’s tally of 459 BTC, with March and September trailing behind.
So far, the firm has mined a commendable 3,692 coins this year, closely approaching their previous year’s total of 3,733, even with several operational months yet to conclude.
Financials in shape ahead of halving
The firm, which is listed on Nasdaq, reported revenues of $9.5 million from its sales, managed to decrease its debt by $1.9 million, and retained a balance of $9.9 million by the close of September.
Additionally, the company has a robust financial position with $46 million in cash or its equivalent, and a treasury boasting 703 BTC. This indicates a positive trajectory, especially as they navigate the challenges of the crypto bear market.
Bitfarms’ CEO, Geoff Morphy, emphasized the recent expansions in the company’s facilities and hinted at further upgrades in the pipeline.
“In September, we further expanded our capabilities by setting up new miners and brought Rio Cuarto to its full potential at 51 MW, enhancing our operational capacity by 9% to a total of 233 MW,” said Geoff Morphy. “From the start of the year, we’ve grown our operating capacity by 24% and bolstered our lineup with an addition of over 15,000 miners.”
Morphy further shared the company’s forward-looking perspective, emphasizing that they are gearing up for the next significant event in the crypto world. “We see the upcoming Bitcoin halving, expected in April 2024, as a pivotal moment for growth while keeping our focus on maintaining a robust balance sheet,” he remarked. “We remain confident that many of our prime growth and investment opportunities will present themselves around this event.”