Bitfarms increased bitcoin mining by 38%

October 13, 2021

Bitfarms increased bitcoin mining by 38%ss

Public Canadian mining company Bitfarms has mined 1,050 BTC for the third quarter of 2021. This is an increase of 38% over the previous period.

Bitfarms has received and installed 540 Bitmain S19j Pro and 300 MicroBT M30S miners. The installation of these miners has increased Bitfarms’ operating hashrate to 1.53 EH/s.

July was a record-breaking month for the firm, when it mined 391 BTC. As the network's hash rate recovered and mining complexity increased, production dropped to 354 BTC in August and 305 BTC in September.

Bitfarms founder and CEO Emiliano Grodzki acknowledged that the firm's investment in hardware, but also the impact of the crackdown on the crypto industry in China, contributed to the highest quarterly cryptocurrency mining figure so far.

"Following these events, which led to the largest reduction in mining complexity, the network is steadily recovering, but [the hash rate] remains below historic highs," he said.

The company received and installed 540 bitcoin miners in September, boosting computing capacity to 1.53 EH/s. This is part of a batch of 2,200 Antminer S19j units and Pro 300 Whatsminer M30S units.

"With planned regular deliveries of a total of 55,000 miners over the next 15 months and the introduction of new high performance facilities into the network, we will bring the hash rate to our targets of 3 EH/s in the first quarter of 2022 and EH/s by the end of 2022," Grodzki said.

As of September 30, the company had accumulated 2,312 BTC in reserves. That's about 96% of the firm's 2021 coins mined.

As a reminder, shares of Toronto-listed Bitfarms started trading on Nasdaq on 21 June.

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