Bitfarms’ Bitcoin Production Increases on New Mining Equipment

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

Oct 1, 2021 at 11:58 a.m. UTC
Updated Oct 1, 2021 at 1:14 p.m. UTC

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.

DISCLOSURE

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.

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