Bitfarms boosts Bitcoin production by 38%

The Toronto-listed Canadian mining company Bitfarms mined 1,050 BTC in Q3 2021. This was 38% higher than in the prior period.

Bitfarms has received and installed 540 Bitmain S19j Pro and 300 MicroBT M30S miners. The installation of these miners has increased Bitfarms’ operating hashrate to 1.53 EH/s.

🚀 $BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/uxPekCiYii

— Bitfarms (@Bitfarms_io) October 1, 2021

July was a record month for the company, when it mined 391 BTC. As the network hash rate recovered and mining difficulty rose, production declined to 354 BTC in August and 305 BTC — in September.

The founder and CEO of Bitfarms, Emiliano Grodzki, acknowledged that reaching the quarterly peak in cryptocurrency production was aided not only by the company’s investments in equipment, but also by the consequences of the crackdown on the crypto industry in China.

After these events, which led to the largest drop in mining difficulty, the network is gradually recovering, but the hashrate remains below all-time highs, he noted.

In September the company received and installed 540 bitcoin miners, which allowed computing power to increase to 1.53 EH/s. This was part of a batch of 2,200 units — Antminer S19j and Pro 300 devices from Whatsminer M30S.

With planned regular deliveries totaling 55,000 miners over the next 15 months and the deployment of new high-performance facilities, we will reach our targets — 3 EH/s in Q1 2022 and EH/s by the end of 2022,

As of September 30, the company had accumulated 2,312 BTC in reserves, about 96% of the coins mined by the firm in 2021.

The Toronto-listed Bitfarms shares on June 21 began trading on Nasdaq .

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