Bitfarms Hits Record High Hashrate in October and Forecasts Additional Growth

The Canadian miner expects to expand its bitcoin mining power by 11% in November, after achieving 1.8 EH/s in October.

Nov 1, 2021 at 9:53 p.m. UTC
Updated Nov 3, 2021 at 2:10 p.m. UTC

Canadian bitcoin miner Bitfarms plans to grow its mining capacity to more than 2 exahashes per second (EH/s) in November after hitting a record hashrate last month, according to a Securities and Exchange Commission filing on Monday.

  • The miner’s October bitcoin product rose 12.5% from September due to production from its newly built, larger facility in Cowansville, Québec. The company increased its mining capacity to 1.8 exahashes per second.
  • “With new miner deliveries en route and deliveries continuing throughout November, this month we expect to grow our hashrate to over 2 EH/s and improve our electrical efficiency to 44 watts per terahash,” CEO Emiliano Grodzki said in the statement.
  • The company has mined 2,750 BTC so far this year and plans to achieve 3 EH/s mining power by the end of the first quarter of 2022, and 8 EH/s by the end of 2022. Bitfarms is constructing two new production facilities in Sherbrooke, Québec, that are slated to be completed in two phases next year, adding 78 megawatts of total capacity.
  • Bitfarms said on Oct. 4 that its hashrate, or computing power, increased to over 1.6 EH/s through the expansion of operations at its Cowansville facility and by installing 450 new Bitmain S19j Pro miners.
  • Shares of Bitfarms were up 8.8% at the close of markets on Monday without any significant news and outperformed most of its crypto mining peers. On Oct. 1, Bitfarms said that it produced 38% more bitcoin in the third quarter than it did in the second quarter as new bitcoin mining equipment was installed.

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets