Bitfarms produces 392 bitcoin in November

November production of 392 BTC declined 1.5% from October as network difficulty increased 19.0% in November compared to 9.4% in October, reflecting the continuing strong demand for miners going into the 2024 Halving. For the eleven months ended November 30th, network difficulty increased 92.2% while the BTC price was up approximately 128.4%, resulting in a 33.9% improvement in production economics as measured by USD/TH/day. “In November, we delivered solid performance in the face of network difficulty increases from more miners coming online going into the 2024 Halving and, in anticipation of the Halving, we initiated our 2024 transformative fleet upgrade plan. We placed a firm purchase order for 35,888 high-performance Bitmain T21 miners, which are scheduled for deliveries from March 2024 to May 2024,” said Geoff Morphy, CEO of Bitfarms. “Deploying these new miners at seven of our eight existing farms in Quebec in conjunction with the development of our new Paso Pe, Paraguay site, we expect to increase our operating capacity 29% to 310 MW and our hashrate 88% to 12 EH/s in H1 2024. With a contract price of $14.00/TH and advanced high energy features applying to the purchase order and the option in H2 2024 for 28,000 additional miners, these next-gen miners will drive significant efficiencies throughout our portfolio and generate improved profit margins.”