Bitfarms Ltd has announced a 7.3% increase in its mining output for September. The Canadian miner produced 411 bitcoins last month and sold 362, worth around $9.5 million.
Chief Executive Geoff Morphy has said that the company is “believing [their] best opportunities for growth and investment will arise around the next Bitcoin halving expected to occur in April 2024.” Bitfarms currently holds 703 BTC, worth about $20 million in total.
The firm has a total operating capacity of 233 MW and its hash rate improved 9.0% to 6.1 exahashes per second (EH/s). Bitfarms had hoped to reach 6.3 EH/s in the third quarter, but electrical infrastructure delays at their Baie-Comeau facility held them back.
Despite this, the company is still lagging behind last year’s figures. In the first nine months of 2022, Bitfarms had mined 3,692 BTC, compared to 3,733 in the same period of 2021. Currently, Wall Street has a consensus “buy” rating on BITF, although the stock is down 40% compared to its recent high.
Bitfarms is committed to strengthening their balance sheet and infrastructure ahead of the halving event next year, with plans to pay off the remaining $10 million debt.
