- Bitfarms (TSX:BITF) has announced it has mined 383 bitcoin in the month of August
- The company also increased its hashrate to 5.6 EH/s
- Its new facility in Baie-Comeau, Quebec ran at around 5 MW throughout the month
- Shares of Bitfarms are down 0.54 per cent to C$1.83 as of 11:26 a.m. ET
Bitfarms (TSX:BITF) mined 383 bitcoin throughout the month of August, the company revealed on Friday (Sept. 1).
In a press release, the bitcoin mining company said it powered up new miners, resulting in the optimization of several of its fleets across different locations. This led to its hashrate increasing to 5.6 EH/s.
Overall, August production was 1.3 per cent higher than the 378 bitcoin mined in July thanks to increased capacity and moderate weather conditions.
“In August 2023, BTC production was 383, an increase of 1.3% in July 2023 despite a 6.3% network difficulty increase during August. Miner deployments and more moderate weather in Quebec and Washington also improved production conditions in the second half of August as our average EH/s climbed from 4.7 EH/s in the first 15 days of August to 5.5 EH/s in the latter 16 days of August,” Ben Gagnon, chief mining officer of Bitfarms, said in a statement.
Over at Bitfarms’ Baie-Comeau, Quebec facility, the company said production ran at roughly 5MW over the month, while the remaining 6 MW in order to reach the total 11MW of production will be completed in September.
Founded in 2017, Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.
Bitfarms currently has 11 farms located in four countries: Canada, the United States, Paraguay, and Argentina.
Shares of Bitfarms are down 0.54 per cent to C$1.83 as of 11:26 a.m. ET.
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