Its October 2021 Bitcoin production is up 12.5% over September 2021. A global Bitcoin self-mining firm, gives an update on the current state of Bitcoin production.
‘The rise in monthly output in October 2021 constitutes a significant step forward for Bitfarms. And demonstrates the initial benefit created as a result of production at our newly constructed. Larger production facility in Cowansville, Québec.’
As a result of this, together with recent miner deliveries and continuous fleet optimization. Bitfarms was able to achieve an all-time high hashrate of 1.8 exahash per second (EH/s) in late October,. It is according to Emiliano Grodzki, the company’s founder and CEO. The company says that with additional miner deliveries on the way and deliveries continuing throughout November. It expects to increase its hashrate to over 2 EH/s. And its electrical efficiency to 44 watts per terahash (W/TH) this month.
The mining production update from Bitfarms for October 2021 includes the following:
Furthermore, on October 25, 2021, a speed of 1.8 EH/s was achieved.
During the month of October 2021, 343 new Bitcoin (BTC) were mined.
In the first 10 months of 2021, 2,750 bitcoins (BTC) were mined.
On average, 11+ bitcoins are mined each day, equating to approximately US$ 665,500 per day. It is also based on a bitcoin price of US$60,500 on October 31.
On October 31, 2021, there were 2,646 bitcoins (BTC) placed in custody. Representing about 96 percent of Bitfarms’ entire production in 2021. And a total worth of nearly US$160 million based on the current BTC price of US$60,500.
October 2021 Bitfarms’ Mining Operations Highlights
Bitmain S19j Pro miners totaling 2,869 have received and installed.
A total of 300 MicroBT M30S miners have received and installed.
Currently on their way to customers, the remaining 4,361 Bitmain S19j Pro miners. And 400 MicroBT M30S miners also scheduled for delivery this year are likely. To arrive in successive batches throughout November.
This month, the Cowansville, Québec, farm operated at its fully electrified. Upgraded capacity of 17 megawatts (MW), which also represents a net increase of 13 megawatts over the previous month.
Additionally, construction has begun on two new farms in Sherbrooke, Quebec, bringing our total number of farms. Under development from two (Argentina and Paraguay) to four (Argentina and Paraguay). (Argentina, Paraguay and Quebec).
Building work has already begun on a farm in Argentina, which will also located within the confines. Of a private power firm that will not get any government assistance.
According to prior announcements. Building is currently ongoing on high-power generating plants in Paraguay and Argentina. Combined, these strategic investments amount to a total of 220 megawatts (MWs). And they are also part of Bitfarm’s goal of increasing its hashrate to 3 EH/s. By the first quarter of 2022 and 8 EH/s by the end of the year 2022.
About Bitfarms Ltd.
It established as a Bitcoin self-mining firm in 2017. Bitfarms operates vertically integrated mining operations with onsite technical maintenance. Proprietary data analytics, and Company-owned electrical engineering and installation services. To also ensure high operational performance and uptime.
In July 2019, Bitfarms became the first Bitcoin mining firm to complete its long form prospectus. With the Ontario Securities Commission and begin trading on the Toronto Stock Exchange (TSX-V). The company has also exhibited rapid development and excellent operations. The TSX-V recognized Bitfarms. As a Rising Star on February 24, 2021, and the company also expressed gratitude for the recognition. Bitfarms began trading on the Nasdaq Stock Market on June 21, 2021, marking the company’s debut.
Moreover, Bitfarms offers a varied manufacturing platform with five industrial scale facilities in Québec. Which are all located in the province of Quebec. Each plant powered by hydroelectricity, which is both ecologically benign and reliable. And it also protected by long-term power contracts. Bitfarms is the only publicly trade pure-play mining company that has audited. By a Big Four accounting firm at the time of writing.