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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.

Updated May 11, 2023, 5:45 p.m. Published Oct 1, 2021, 11:58 a.m.

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

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.

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Sheldon Reback

Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.