Bitfarms Ltd (TSXV: BITF) this morning provided its shareholders with a final update for its mining performance for 2021. The firm headlined the release by indicating it produced a total of 3,452 bitcoin in the full fiscal year.
December proved to be the second best month in terms of bitcoin mining for the firm, with the company producing a total of 363 bitcoins during the month. The performance was second only to July, which saw 391 bitcoins produced. November comparatively saw the production of 339 bitcoin.
The update also served as a year end review, with the firm indicating that through the year it added 12,000 miners to its operations, growing mining capacity by 228%. The firm closed the year with 2.2 EH/s of processing power, and a daily mining rate of 11.5 bitcoin, or the equivalent of roughly US$437,000 per day based on closing bitcoin prices on Friday.
The firm also indicated a total of 3,301 bitcoin are now held in custody, valued at roughly US$151.8 million as of the close of markets on Friday.
Bitfarms last traded at $6.38 on the TSX Venture.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.