Bitfarms Mines 1,050 Bitcoin In Q3 2021

Bitfarms Ltd. (TSXV: BITF) announced this morning that the company has produced 1,050 bitcoin in Q3 2021. This is an increase from Q2 2021’s production of 759 bitcoin, with the company stating that the quarterly production is the firm’s largest in 2021 to date.

The cyrpto miner was able to produce 305 new bitcoin in September, averaging approximately 10 bitcoin per day. This is a slight dip from August’s production of 354 bitcoin.

The firm has so far produced a total of 2,312 bitcoin year-to-date. Out of this, it has deposited 2,312 bitcoin in custody which carries a value of $139.1 million as of the time of writing.

“2021 continues to be a transformational year for Bitfarms as we continue deploying capital to upgrade our mining fleet, open new facilities, and embark on our global expansion,” said Bitfarms CEO Emiliano Grodzki.

The blockchain company recently installed the first 540 mining machines scheduled for delivery in September, pushing its hashrate to 1.53 EH/s. The firm is still expecting the remaining 1,660 Bitmain S19j Pro miners scheduled for the month but will be expected to arrive in October instead. Once installed, the hashrate is expected to increase to 1.7 EH/s.

Further, the firm is still expecting to receive its previously ordered 5,030 Bitmain S19j Pro and 700 MicroBT M30S miners in Q4 2021. Grodzki added, “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.”

Bitfarms Ltd. last traded at $7.50 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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