Bitfarms’ YTD Bitcoin Mining Figures Lower Than 2022

Bitfarms’ YTD Bitcoin Mining Figures Lower Than 2022

Bitfarms
Ltd., a publicly-listed Bitcoin (BTC) mining company, has released its
production and mining operations update for September 2023. The company
successfully mined 411 Bitcoin, representing an increase of 7.3% from the previous
month. Alongside this, Bitfarms expanded its total operating capacity to
233 MW and improved its energy efficiency metrics. However, the year-to-date
(YTD) results are still worse than a year ago.

Bitfarms Mines the Most
BTC since May 2023

According
to the Wall Street-listed company (NASDAQ: BITF) company, the September 2023
mining result of 411 was higher than the 383 mined in August, which was the highest number since May 2023 when Bitfarms was able to produce 459 BTC.

However,
the numbers are significantly lower than seen in the previous year. In September
2022, the company was able to mine 70 BTC more, totaling 481. Overall, figures
for the first nine months of 2023 were at 3,692 BTC, which was lower than 3,733 BTC mined
in the same period a year earlier.

Source:
Bitfarms

Moving back
to September, Bitfarms made significant strides in its operational
capabilities. The company fully energized its Rio Cuarto facility to 51 MW,
thereby increasing its total operating capacity by 9% to 233 MW.

„In
September, we continued to install new miners and fully energized Rio Cuarto to
51 MW, increasing our operating capacity by 9% to 233 MW. Year-to-date, we
increased operating capacity by 24% and upgraded and expanded our fleet with
over 15,000 additional miners,” said Geoff Morphy, the CEO of Bitfarms.

Other operational
highlights included a higher hash rate that increased 9% to 6.1 EH/s
month-over-month (MoM) and improved energy efficiency to 36 w/TH by installing
28 w/TH miners. The company has also reduced its outstanding debt to under $10
million, strategically positioning itself for the next Bitcoin halving expected
in April 2024.

„We
continue to believe that many of our best opportunities for growth and
investment will arise around the next Bitcoin halving, expected to occur in
April 2024,” Morphy added.

BTC Miners Struggle to
Break Even

Although we
haven’t yet seen the results from many publicly traded cryptocurrency miners
this month, indications suggest that the trend observed over the summer, and
indeed since the start of the year, continues to persist.

Finance
Magnates reported
in late August that publicly traded Bitcoin miners were struggling to turn a
profit. This came at a time when Cathedra Bitcoin, a Toronto-based Bitcoin
mining company, increased its mining and revenue but still posted a significant
net loss of C$11.9 million for Q2 2023.

Meanwhile,
other prominent mining companies like Canaan and Argo Blockchain have released
their reports. Canaan’s quarterly revenue rose to $73.9 million, which is considerably
lower than the $245.9 million reported in Q2 2022. Argo Blockchain reported a decline of 31% in revenue to $24 million for H1 2023.

Riot
Platforms Inc. and Galaxy Digital Holdings Ltd. reported unfavorable
financial results for Q2 2023.

These firms
are among five publicly listed companies that have incurred a combined loss of
$2.8 billion following a steep drop in Bitcoin and the broader cryptocurrency
market over the summer.

This article was written by Damian Chmiel at www.financemagnates.com.

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