Bitfarms Hits Record High Hashrate in October and Forecasts Additional Growth

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Canadian miner Bitfarms plans to develop its mining capability to greater than 2 exahashes (EHs) per second in November after hitting a file hashrate final month, in line with a SEC filing on Monday.

  • The miner’s October bitcoin product rose 12.5% from September, because of manufacturing from its newly constructed, bigger manufacturing facility in Cowansville, Québec. The firm elevated its mining capability to 1.8 exahashes.
  • “With new miner deliveries en route and deliveries continuing throughout November, this month we expect to grow our hashrate to over 2 EH/s and improve our electrical efficiency to 44 watts per terahash,” CEO Emiliano Grodzki mentioned in the assertion.
  • The firm has mined 2,750 bitcoin to date this 12 months and plans to realize 3 EH/s mining energy by the top of the primary quarter of 2022, and 8 EH/s by the top of 2022. Bitfarms is developing two new manufacturing amenities in Sherbrooke, Québec, which are slated to be accomplished in two phases subsequent 12 months, including 78 megawatts of whole capability.
  • Bitfarms mentioned on Oct. 4 that its hashrate, or computing energy, elevated to over 1.6 EH/s by way of the expansion of operations at its Cowansville facility and by putting in 450 new Bitmain S19j Pro miners.
  • Shares of Bitfarms have been up 8.8% on the shut of markets on Monday with none important information and outperformed most of its crypto mining friends. On Oct. 1, Bitfarms mentioned that it produced 38% extra bitcoin in the third quarter than it did in the second quarter as new mining tools was put in.