Bitfarms’ Bitcoin Production Increases on New Mining Equipment

The company mined 1,050 bitcoins in the third quarter, up 38% from the second quarter.

AccessTimeIconOct 1, 2021 at 11:58 a.m. UTC
Updated Oct 1, 2021 at 1:14 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Bitfarms, a Canadian bitcoin mining company, said it produced 38% more bitcoin in the third quarter than it did in the second quarter as new mining equipment was installed.

  • The company (NASDAQ: BITF) mined 1,050 bitcoins in the third quarter, 305 of them in September. The increase took its nine-month total to 2,407.
  • In September, the company received 540 mining machines, raising its hashrate, which is a measure of computing power, to 1.53 exahashes per second.
  • More deliveries are expected in coming months.
  • “With scheduled monthly deliveries totaling 55,000 miners over the next 15 months and new high-power production facilities coming online, we are regularly increasing our hashrate towards our goals of 3 exahash per second (EH/s) in first quarter 2022 and 8 EH/s by year end 2022,” CEO Emiliano Grodzki said in a statement.
  • Through Sept. 30, the company had deposited 2,312 bitcoins into custody. That’s about 96% of its 2021 production.

UPDATE (OCT. 1, 12:22 UTC): Adds location, stock ticker, custody deposits.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.