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.
Month | BTC Mined 2023 | BTC Mined 2022 |
January | 486 | 301 |
February | 387 | 298 |
March | 424 | 363 |
April | 379 | 405 |
May | 459 | 431 |
June | 385 | 420 |
July | 378 | 500 |
August | 383 | 534 |
September | 411 | 481 |
Total YTD | 3,692 | 3,733 |
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.
