Bitfarms Mines 7% More Bitcoin in September but Production Dips Year-Over-Year

Bitfarms mined 411 BTC in September, up 7.3% from August. The company sold 362 BTC for $9.5 million.
Bitfarms increased its total hash rate by 9% to 6.1 exahashes per second (EH/s) in September. Its operating capacity grew 24% to 233 megawatts (MW).
CEO Geoff Morphy said Bitfarms' growth opportunities will come from the upcoming Bitcoin halving in April 2024.
Bitfarms' September 2023 BTC mining production was 14.6% lower than September 2022.
Bitfarms has mined 3,692 BTC year-to-date, compared to 3,733 BTC over the same period last year.

cointelegraph.com

Relevant topic timeline:

8/24/2023

The future of BTC mining and the Bitcoin halving

In the latest episode of Market Talks, the future of BTC mining, the impact of the upcoming Bitcoin halving, and the ability for miners to hedge their operations with hash rate derivatives are discussed, with predictions that Bitcoin's volatility will decrease over time and the market will experience macro headwinds and potential new lows in the next six months.

9/2/2023

Crypto Suddenly Braced For A Game-Changing China Earthquake That Could Hit The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Tron And Toncoin Price

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9/21/2023

Bitcoin Mining Stocks Under $5 Have 'Strong Buy' Ratings and Big Growth Potential

Bitcoin is expected to experience a strong upward pressure on its price due to the upcoming halving mechanism, making it an attractive time for investors to consider bitcoin mining stocks like Bitfarms and Cipher Mining.

9/26/2023

Texas Emerges as Global Bitcoin Mining Leader Despite Looming Halving and Crypto Bear Market

Despite the upcoming "halving" event, which will reduce mining rewards, Foundry, a mining firm in the crypto industry, is expanding its operations and remains confident in the long-term survival and growth of bitcoin mining, with Texas emerging as the bitcoin capital of the world due to its supportive regulatory environment and abundant clean energy.

10/23/2023

Bitcoin Price Rallies on ETF Speculation, Inflation Fears and Lawsuit Optimism

Bitcoin (BTC) continues to rise, gaining momentum from gold and traditional rate-sensitive assets, as prices reach their highest level since July 15 and analysts predict a potential approval of a bitcoin ETF.

10/23/2023

Mining Stocks Outpace Bitcoin in 2022, But Face Uncertainty Ahead of Halving

Summary: Mining stocks have significantly outperformed Bitcoin this year, with the average return of the top public mining companies standing at 148.59%, compared to Bitcoin's 84.61% increase, due to higher beta and increased revenue from Bitcoin mining activities and new use cases like Ordinals. However, mining firms are preparing for the upcoming halving event, which may pose challenges to their profitability and business models.

Topics

Posted 10/2/2023, 1:07:32 PM

Bitfarms Mines 7% More Bitcoin in September but Production Dips Year-Over-Year

Bitfarms mined 411 BTC in September, up 7.3% from August. The company sold 362 BTC for $9.5 million.
Bitfarms increased its total hash rate by 9% to 6.1 exahashes per second (EH/s) in September. Its operating capacity grew 24% to 233 megawatts (MW).
CEO Geoff Morphy said Bitfarms' growth opportunities will come from the upcoming Bitcoin halving in April 2024.
Bitfarms' September 2023 BTC mining production was 14.6% lower than September 2022.
Bitfarms has mined 3,692 BTC year-to-date, compared to 3,733 BTC over the same period last year.

cointelegraph.com

Relevant topic timeline:

8/24/2023

The future of BTC mining and the Bitcoin halving

9/2/2023

Crypto Suddenly Braced For A Game-Changing China Earthquake That Could Hit The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Tron And Toncoin Price

9/21/2023

Bitcoin Mining Stocks Under $5 Have 'Strong Buy' Ratings and Big Growth Potential

9/26/2023

Texas Emerges as Global Bitcoin Mining Leader Despite Looming Halving and Crypto Bear Market

10/23/2023

Bitcoin Price Rallies on ETF Speculation, Inflation Fears and Lawsuit Optimism

10/23/2023

Mining Stocks Outpace Bitcoin in 2022, But Face Uncertainty Ahead of Halving