According to Cointelegraph, Canadian Bitcoin mining firm Bitfarms has significantly increased its mining operations, resulting in a 7.3% increase in mined BTC in September 2023. The company mined a total of 411 bitcoins, up from the previous month, and sold 362 BTC, generating total proceeds of $9.5 million. Bitfarms continues to hold 703 BTC, worth nearly $20 million at the time of writing.

The increase in mining production is due to Bitfarms installing new miners and fully energizing its Argentina facility at Rio Cuarto to 51 megawatts (MW). With these new installations, the company has reached a total operating capacity of 233 MW, having increased it by 24% so far in 2023. Bitfarms also managed to increase its hashrate by 9% from 6.1 exahashes per second (EH/s) in September, although it is still slightly below the firm's third-quarter target of 6.3 EH/s, reflecting some electrical infrastructure delays in its Québec facility at Baie-Comeau.

Bitfarms CEO Geoff Morphy believes that the company's best opportunities for growth will arise from the next Bitcoin halving, expected to occur in April 2024. This 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. Morphy stated that the company is focused on infrastructure and balance sheet strength to provide the financial flexibility to move aggressively when conditions for growth are optimal. Despite the significant increase in mining production in September 2023, Bitfarms' mining pace is slightly lower than figures recorded last year, with the amount of mined BTC last month being 14.6% lower than in September 2022. The firm has mined 3,692 BTC year-to-date, while last year it generated 3,733 BTC over the same period.