Bitfarms Mined 339 Bitcoin in November as Network Difficulty Increased

Bitfarms attributed the performance to new mining equipment driving a 16% increase in the hashrate.

AccessTimeIconDec 1, 2021 at 12:45 p.m. UTC
Updated Dec 1, 2021 at 2:37 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Bitcoin mining company Bitfarms said it mined 339 bitcoins in November, down from 343 in October, as network difficult increased.

  • The Nasdaq and Toronto Stock Exchange-listed company reported Wednesday having mined 3,089 BTC in the first 11 months of the year.
  • Bitfarms said it was able to maintain production levels due to the delivery and installation of mining equipment, driving a 16% increase in the hashrate to 2.1 exahash per second (EH/s), attaining the target it set for the month after reaching 1.8 EH/s in October.
  • By reaching a hashrate of 2 EH/s in mid-November, Bitfarms had doubled its mining power in the last eight months.
  • During November, the firm received 400 MicroBT M30S miners and 3,588 Bitmain S19j Pro miners, with a further 702 of the latter scheduled for delivery in the first half of December.
  • “Even with an increase in network difficulty, our BTC production level held steady in November,” CEO Emiliano Grodzki said in a statement.

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Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.