Bitfarms, a Canadian Bitcoin mining company, has seen a significant increase in its mining outputs in September 2023. The company reported a 7.3% enhancement in mining operations compared to the previous month. Additionally, Bitfarms experienced a 9% hike in its hash rate, reaching 6.1 exahashes per second. However, the company fell short of its third-quarter target due to delays in the electrical infrastructure at its facility. Despite the positive growth, Bitfarms’ mining pace is still lower than the figures attained in 2022, showing a 14.6% decrease. The upcoming halving event in Bitcoin mining will likely increase mining costs, prompting Bitfarms to focus on maintaining balance and infrastructure. As of year-to-date, Bitfarms has mined 3,692 BTC, slightly lower than the same period in 2022.
AI Sentiment: Positive