October 25 - Roundtable for Digital Asset Miners.October 25- 26: Bitcoin Mining Council, Washington, DC.October 11- 12: Dawson James Small Cap Growth Conference.Held $46 million in cash and cash equivalents at September 30, 2023.īitfarms plans to attend the following upcoming events:.Added 49 BTC to treasury, increasing custody to 703 BTC, representing approximately $19.0 million based on a BTC price of $27,000 at September 30, 2023.Reduced total outstanding indebtedness by $1.9 million, resulting in a remaining balance of $9.9 million at September 30, 2023.Sold 362 BTC of the 411 BTC mined, generating total proceeds of $9.5 million.The table below presents an overview of BTC mined per month in each of the first eight months of 20, respectively. Remaining installations expected to ramp operating capacity to the full 11 MW in early October 2023.Increased capacity to full 51 MW and hashrate to 1.475 EH/s.At Paso Pe, Paraguay, construction advanced as planned. 13.7 BTC mined daily on average, equivalent to about $369,900 per day and approximately $11.1 million for the month based on a BTC price of $27,000 on September 30, 2023.411 BTC mined, up 7.3% from August 2023 and down 14.6% from September 2022.5.84 EH/s average online, up 13.7% from August 2023.September 2023 Select Operating Highlights For the nine months ended September 30 th, network difficulty increased 61.5% while the BTC price was up roughly 63.2%, resulting in a 3.6% improvement in mining economics as measured by USD/TH/day. Network difficulty increased 2.7% in September compared to August, as Bitcoin miners anticipating higher Bitcoin prices continue to invest in capacity and come online. The recently announced new generation of sub-20 w/TH miners have the capability to rapidly drive hashrate growth and increase energy efficiency around halving at significantly lower costs per TH than XP miners have traded for throughout 2023,” concluded Gagnon.ĭue to the added corporate capacity supplemented by the moderate weather in North America that minimized curtailment and facilitated uptimes, September production of 411 BTC rose 7.3% from the 383 BTC mined in August, which included an extra day of production. As expected, we are now well positioned to leapfrog over the XP generation entirely and strategically layer in the new sub-20 w/TH miners for both upgrades and expansion. The September installation of S19 Pro + miners in Argentina nearly doubled the number of sub-30 w/TH miners in operation and shifted the fleet portfolio constitution it is now comprised of 23% sub-30 w/TH miners, 58% 30-40 w/TH machines and 19% 40-45 w/TH machines. “Executing on our comprehensive fleet management strategy, we have further optimized our miner portfolio while bolstering our balance sheet in anticipation of purchasing the next generation of sub-20 w/TH miners after the halving. We continued to pay down debt, closing September with under $10 million of outstanding indebtedness, all of which is scheduled for repayment in advance of the halving,” added Morphy.īen Gagnon, Chief Mining Officer of Bitfarms, said, “As the farm in Argentina became fully energized, our BTC production was 411 in September, up 7.3% from August 2023 even with a 2.7% network difficulty increase in the month.” To this end, we are focused on infrastructure and balance sheet strength to provide the financial flexibility to move aggressively when conditions for growth are optimal. “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. “Also in September, our hashrate increased 9% to 6.1 EH/s, slightly below our Q3 2023 target of 6.3 EH/s reflecting some electrical infrastructure delays that pushed out the Baie-Comeau, Québec facility’s full installation by a couple of weeks.” Year-to-date, we increased operating capacity by 24% and upgraded and expanded our fleet with over 15,000 additional miners,” said Geoff Morphy, CEO of Bitfarms. “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. ( NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provides a Bitcoin (BTC) production and mining operations update for September 2023. 02, 2023 (GLOBE NEWSWIRE) - Bitfarms Ltd. Improves energy efficiency to 36 w/TH with new 28 w/TH miners. Fully energizes Rio Cuarto at 51 MW, expanding total operating capacity to 233 MW.
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