Bitfarms Bitcoin Production Increases on New Mining Equipment

Bitfarms, a Canadian bitcoin mining company, said it produced 38% more bitcoins in the third quarter than the second as new mining equipment was installed.

The company (NASDAQ: BITF) mined 1,050 bitcoins in the third quarter, 305 of them in September. The increase took its nine-month total to 2,407.In September, the company received 540 mining machines, raising its hashrate, or computing power, to 1.53 exahash per second.More deliveries are expected in coming months.“With scheduled monthly deliveries totaling 55,000 miners over the next 15 months and new high-power production facilities coming online, we are regularly increasing our hashrate towards our goals of 3 exahash per second (EH/s) in first quarter 2022 and 8 EH/s by year end 2022,” CEO Emiliano Grodzki said in a statement.Through Sept. 30, the company had deposited 2,312 bitcoins into custody. That’s about 96% of its 2021 production.

UPDATE (OCT. 1, 12:22 UTC): Adds location, stock ticker, custody deposits.

Share your thoughts