Bitfarms Produces 236 BTC in October
Bitfarms (TSX: BITF) on Friday reported its bitcoin production data for the month of October. The company indicated that it earned a total of 236 bitcoin over the course of the month, a nearly 9% increase over the 217 bitcoin produced in September, but still down 41% from the 398 produced in October 2023.
The month of October notably was the best performing month for Bitfarms since July, when the company produced 253 bitcoin.
Bitfarms’ month end operating EH/s came in at 11.5 EH/s, a slight improvement over the 11.3 EH/s reported at the end of September, but still short of the mid-year 12 EH/s target the company had provided earlier this year. The shortfall was blamed on continued miner warranty servicing.
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“Despite improvements in recent miner shipments, continued miner warranty servicing has impeded the achievement of our hash rate target. We have a strong partnership with Bitmain and appreciate their diligence in rapidly servicing the underperforming miners as deliveries are scheduled to accelerate in the last two months of the year,” commented CEO Ben Gagnon.
The average operating EH/s for the month meanwhile came in lower at 10.6 EH/s, versus 10.3 EH/s in September.
A total of 194 bitcoin were sold over the course of the month, bringing in gross proceeds of $13.0 million. The remaining 42 bitcoin were added to treasury, with treasury holdings now sitting at 1,188 bitcoin. At $71,000 bitcoin, the bitcoin is worth an estimated $84.3 million.
Bitfarms last traded at $2.70 on the TSX.
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