Bitfarms mined 398 bitcoin in October

October production of 398 BTC declined 3.2% from the 411 BTC earned in September as network difficulty increased 9.4% in October compared to 2.7% in September, reflecting the continuing strong demand for miners going into the 2024 halving. For the ten months ended October 31st, network difficulty increased 76.6% while the BTC price was up approximately 107.8%, resulting in a 23.3% improvement in production economics as measured by USD/TH/day. “In October, we increased our hashrate to 6.3 EH/s as we completed energization of our Baie-Comeau, Quebec facility at 11 MW and boosted Rio Cuarto from 51 MW to 54 MW. We ended October with 240 MW of operating capacity, up 31% from a year ago,” said Geoff Morphy, CEO of Bitfarms. “With long-term and low-cost energy contracts totaling 574 MW, we still have significant room to expand our portfolio and build new farm infrastructure that would more than double our current 240 MW in production.”