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Thursday, March 23, 2023

Bitfarms (NASDAQ: BITF) Saw 67% Increase in Bitcoin Mining in February

Bitfarms Ltd. (NASDAQ: BITF) has shared the update of Bitcoin (BTC) production and mining operations for February 2022. Bitfarms has witnessed an increase of 67% in Bitcoin mining in February. The company has confirmed that it has mined 298 new BTC during February 2022. The increase in miner deliveries in the second half of February is positioning it to quickly increase production at the Sherbrooke locations.

Bitfarms Ltd announced that it is on track to meet its goal of three exahashes per second (EH/s) by the end of the first quarter of 2022, as it prepares to open two more farms in Sherbrooke, Québec. When completed, the Bunker and Leger farms will contribute a total of seventy-eight megawatts (MW) of capacity to the system, according to the Bitfarms. These farms, together with its planned expansion in Argentina, will be critical in achieving its year-end 2022 hash rate objective of 8 EH/s.

Furthermore, the company stated that on average, 10.6 BTC was mined every day in February, equating to around US$455,800 per day and totaling around US$12.8 million for the month based on a BTC price of US$43,000 on February 28, 2022. It has been reported that 283 Bitcoins (BTC) were brought into possession in February because of mining. On the other hand, on February 28, 2022, there were 4,883 BTC in possession, with a total worth of around US$210 million based on a BTC price of $43,000.

In addition, Bitfarms disclosed that the 7,400 additional Bitcoin miners with a processing power of 740 PH were delivered or are on their way in February. The Chinese New Year in 2022, which lasted from January 31 to February 15, slowed miner output and deliveries, therefore many February shipments took place in the second half of the month.

BITF announced that 2,000 used Bitcoin miners have been transported or are on their way to the company’s Paraguay farm, where they will be efficiently redeployed to add 100 PH/s. Furthermore, BITF is nearing completion of the first 12 MW capacity at The Bunker site in Sherbrooke, which will bring over 3,000 new miners online immediately and add over 300 PH/s to Bitfarms’ online hash rate. The first 16 MW capacity at the Leger site in Sherbrooke is nearing construction and is expected to be online in a few weeks. When fully operating, Leger will employ over 4,000 new miners and increase Bitfarms’ online hash rate by more than 400 PH/s.

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