Bitfarms, counted among the titans of the Bitcoin mining world, envisions a future brimming with lucrative prospects as the impending BTC halving event approaches.
The Canadian Bitcoin mining juggernaut, Bitfarms, has been actively expanding its operations, orchestrating a substantial uptick in BTC mining volumes during the last lunar cycle.
September 2023 bore witness to Bitfarms’ impressive feat, with a total of 411 BTC extracted from the digital mines, marking a noteworthy 7.3% surge compared to the preceding month. This revelation was unveiled in the company’s latest mining status report, published on October 2.
Of the 411 BTC unearthed, Bitfarms chose to part with 362 BTC, reaping a bountiful harvest of $9.5 million in proceeds. Yet, the firm retains a substantial stockpile of 703 BTC, a treasure trove valued at nearly $20 million at the time of this composition.
This surge in mining production is a testament to Bitfarms’ unwavering commitment to innovation and expansion. The installation of new miners and the full activation of the Rio Cuarto facility in Argentina, boasting a staggering 51 megawatts (MW) of power, have fueled this remarkable achievement. With these latest additions, Bitfarms’ total operational capacity now stands at a formidable 233 MW, reflecting a commendable 24% increase in 2023.