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Bitcoin firm Bitfarms mines 3,089 BTC for the first 11 months of 2021 despite increasing network difficulty

Bitfarm’s target is to grow its hashrate to 3 EH/s in the first quarter of 2022 and to 8 EH/s by end of 2022.

Photo by Gerd Altmann of Pixabay

Fri, 03 Dec 2021, 06:43 am UTC

Crypto mining firm Bitfarms recently released a report for its Bitcoin production and operations update for the month of November 2021. The Canada-based company highlighted that BTC mining production remained steady despite increasing network difficulty.

“Our industry-leading BTC production reached over 3,000 BTC mined in the first 11 months of 2021,” Bitfarms Founder and Chief Executive Officer Emiliano Grodzki said in a press release. “Even with an increase in network difficulty, our BTC production level held steady in November, and we ended the month with nearly 3,000 Bitcoin, valued at $175 million at current market prices.”

From January to November this year, Bitfarms was able to mine a total of 3,089 BTC. T mined in the first eleven months of 2021. The company mined 339 BTC for November alone, which is a slight decline from October’s output of 343 Bitcoins.

The company's highest monthly production was in July with 391 BTC mined. The lowest output happened in February when Bitfarms mined only 178 Bitcoins.

Average daily production is around 11+ BTC which is about US$649,000 per day based on a BTC price of US$59,000 on November 30. Of the 3,089 BTC Bitfarms mined for the first 11 months this year, 2,973 BTC were deposited into custody representing 96 percent of its production and valued at approximately US$175 million.

Despite the increasing mining difficulty, the company was able to maintain a relatively steady output for November by increasing its capacity. “ In addition, robust miner deliveries and installations continued throughout November, driving a 16% increase in our hashrate, which now stands at 2.1 exahash per second (EH/s),” the company added.

“We expect all remaining miners scheduled for 2021 delivery to be received in the first half of December,” Bitfarms said. “Regarding development, we currently have four farms with 298 MW capacity under construction, and we anticipate beginning initial production in Paraguay by year-end.”

Bitfarm’s target is to grow its hashrate to 3 EH/s in the first quarter of 2022. The company expects hashrate to jump to 8 EH/s by end of 2022.

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