Fun

News Feed - 2023-10-02 10:10:26

Helen Partz10 hours agoBitfarms increases mining pace, generates 411 BTC in SeptemberBitfarms, one of the largest Bitcoin miners in the world, believes that many of its best growth opportunities will arise from the upcoming BTC halving.4049 Total views17 Total sharesListen to article 0:00NewsJoin us on social networksThe Canadian Bitcoin (BTC) mining firm Bitfarms has been actively scaling operations, significantly increasing the amount of mined BTC last month.


Bitfarms mined a total of 411 BTC in September 2023, up 7.3% from the amount mined in the previous month, the company announced in its latest mining update on Oct. 2.


Out of 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. The firm continues to hold 703 BTC — worth nearly $20 million at the time of writing.


The mining production increase is a result of Bitfarms continuing to install new miners and fully energizing its Argentina facility at Rio Cuarto to 51 megawatts (MW). With new installations, Bitfarms has reached a total operating capacity of 233 MW, having increased it by 24% in 2023.


Also, Bitfarms increased its hash rate by 9% in September from 6.1 exahashes per second (EH/s). Despite significant growth, the hash rate is still slightly below the firm’s third-quarter target of 6.3 EH/s, reflecting some electrical infrastructure delays in Bitfarm’s Québec facility at Baie-Comeau.


According to Bitfarms CEO Geoff Morphy, the company continues to believe that many of its best opportunities for growth will arise from the next Bitcoin halving expected to occur in April 2024. The upcoming event — which happens once every four years — will cut the Bitcoin miner block reward from 6.25 BTC to 3.125 BTC, significantly increasing the costs of mining.


“To this end, we are focused on infrastructure and balance sheet strength to provide the financial flexibility to move aggressively when conditions for growth are optimal,” Morphy said.


Related:Bitcoin miner Marathon mines invalid block in failed ‘experiment’


Despite Bitfarms posting a significant increase in mining production in September 2023, the firm’s mining pace is slightly lower than the figures recorded in 2022. The amount of mined BTC in September was 14.6% lower than in 2022. Bitfarms has mined 3,692 BTC year-to-date, while in 2022, the firm generated 3,733 BTC over the same period.Bitfarms’ key performance indicators in 2023 versus 2022. Source: Bitfarms


The news comes as Bitcoin’s mining difficulty experienced a 2.7% month-over-month surge in September and Bitcoin miners anticipate higher BTC prices. According to some estimates, BTC mining difficulty will drop by 0.7% at its next automated readjustment on Oct. 2.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E# Bitcoin# Business# Bitcoin Price# Bitcoin Mining# Bitcoin Halving# Hash RateAdd reactionAdd reactionRead moreWhat are NFT royalties, and how do they work?AI tech boom: Is the artificial intelligence market already saturated?Bitcoin ETFs: A $600B tipping point for crypto

News Feed

JPMorgan CEO Says BTC Is Fraudulent, a ‘Pet Rock;’ Bank of America Says CBDCs Are ‘Natural Evolution’ — Bitcoin.com News Week in Review
JPMorgan CEO Says BTC Is Fraudulent, a "Pet Rock;" Bank of America Says CBDCs Are "Natural Evolution" — Bitcoin.com News Week in Review JPMorgan CEO Jamie Dimon has reiterated hi
Cardano Struggles At Resistance – Expert Sees A Retest of Lower Support Levels
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Matt Damon Shares Story Behind His Crypto Commercial
Matt Damon Shares Story Behind His Crypto Commercial Famous Hollywood actor Matt Damon has revealed the story of how he became involved in creating a cryptocurrency commercial call
Report: Bank of Spain Worried About Inflation and Its Consequences in Latam
Report: Bank of Spain Worried About Inflation and Its Consequences in Latam The Bank of Spain has issued a new report about the performance of Latam economies during the first six
Alice Ivey7 hours agoWhat is prompt engineering, and how does it work?Explore the concept of prompt engineering, its significance, and how it works in fine-tuning language models.1136 Total views2 Total sharesListen to a
Ethereum Holds Above Key Prices – Data Points To $2,900 Level As Bullish Trigger
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Elon Musk Tempts McDonald’s to Accept Dogecoin — McDonald’s Replies ‘Only if Tesla Accepts Grimacecoin’
Elon Musk Tempts McDonald"s to Accept Dogecoin — McDonald"s Replies "Only if Tesla Accepts Grimacecoin" Tesla CEO Elon Musk says that he will eat a happy meal on television if Mc
FBI Warns Crypto Owners Not to Fall for ‘Liquidity Mining Scam’
FBI Warns Crypto Owners Not to Fall for "Liquidity Mining Scam" The Federal Bureau of Investigation (FBI) has warned crypto investors about a scam using an investment strategy call
Savannah Fortis10 hours agoAlibaba releases two open-sourced AI models to rival Meta’s Llama 2The Chinese tech and e-commerce giant Alibaba revealed two new open-sourced AI models, Qwen-7B and Qwen-7B-Chat, to rival Me
Riot Blockchain Is Constructing a 1 GW Bitcoin Mining Facility in Navarro County, Texas
Riot Blockchain Is Constructing a 1 GW Bitcoin Mining Facility in Navarro County, Texas The publicly listed bitcoin miner Riot Blockchain has announced the company has started deve
Mt. Gox shifts $2.5B in Bitcoin to unknown wallet, repayments top 40%
Tom Mitchelhill3 hours agoMt. Gox shifts $2.5B in Bitcoin to unknown wallet, repayments top 40%Mt. Gox transferred 37,477 BTC to a new wallet, while data shows that 40% of creditor repayments have now been distributed.23
Moledao Kicks off Global NFT Hackathon With Exclusive NFTs
Moledao Kicks off Global NFT Hackathon With Exclusive NFTs press release PRESS RELEASE. Moledao presents MoleHack: NFT 2.0 – a global challenge to discover new innovations in