Bitfarms Ltd. (NASDAQ: BITF) stock gained by 2.41% at last close while the BITF stock price rises by 11.29% in the pre-market trading session. Bitfarms, a Bitcoin mining firm founded in 2017, operates vertically integrated mining activities with onsite technical maintenance, proprietary data analytics, and Company-owned electrical engineering and installation services to achieve high operating efficiency and reliability.
BITF stock’ Production Update
Bitfarms Ltd. provides a Bitcoin production update. Mining Production Stats for Bitfarms as of September 30, 2021, are as follows:
- 305 new Bitcoin (BTC) were produced in September 2021, with around 10 BTC mined daily.
- In the third quarter of 2021, it mined 1,050 BTC, its highest quarterly BTC production rate in 2021.
- In the first nine months of 2021, mined 2,407 BTC.
- Deposited 2,312 BTC into custody until September 30, 2021, comprising nearly 96 percent of Bitfarms’ 2021 BTC output with a total value of nearly US$100 million based on a BTC price of $43,500.
Operational Highlights
Bitfarms has obtained and deployed the first 540 miners from a shipment of 2,200 Bitmain S19j Pro and 300 MicroBT M30S miners due in September. Bitfarms’ operational hash rate has grown to 1.53 EH/s as of September 29, 2021, because of the installation of these miners. Because of the supply chain and shipping delays, the remaining 1,660 Bitmain S19j Pro miners that were slated for September delivery are now on their way and are set to arrive in October.
Emiliano Grodzki, Bitfarms Founder and CEO stated,
2021 will be a transformative year for Bitfarms as they make investments in upgrading their mining fleet, opening new facilities, and embarking on their worldwide growth. With 55,000 miners slated for delivery over the next 15 months and additional high-power manufacturing facilities coming online, they are steadily raising their hash rate toward their targets of 3 exahash per second (EH/s) in the first quarter of 2022 and 8 EH/s by the end of 2022.
