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Bitfarms’ Bitcoin Production Increases on New Mining Equipment

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

By Sheldon Reback
AccessTimeIconOct 1, 2021 at 11:58 a.m. UTC
Updated May 11, 2023 at 5:45 p.m. UTC
Technicians monitor cryptocurrency mining rigs at a Bitfarms facility in Saint-Hyacinthe, Quebec, Canada, on Thursday, July 26, 2018. Bitcoin has rallied more than 30 percent in July, shrugging off security and regulatory concerns that have plagued the virtual currency for much of this year. Photographer: James MacDonald/Bloomberg via Getty Images
Technicians monitor cryptocurrency mining rigs at a Bitfarms facility in Saint-Hyacinthe, Quebec, Canada, on Thursday, July 26, 2018. Bitcoin has rallied more than 30 percent in July, shrugging off security and regulatory concerns that have plagued the virtual currency for much of this year. Photographer: James MacDonald/Bloomberg via Getty Images
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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.
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    • UPDATE (OCT. 1, 12:22 UTC): Adds location, stock ticker, custody deposits.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback
    Sheldon Reback

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

    Follow @sheldonreback on Twitter

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