Bitfarms released a bitcoin mining update detailing a 75% YoY increase in production and the custodying of 99% of total mined BTC in April.
- Bitfarms, a publicly traded bitcoin mining company, released bitcoin production results and a mining operations update for April 2022.
- The total revenue reached 405 BTC for the month, netting a total of $15.6 million.
- Of the 405 BTC mined, 403 BTC were deposited into custody, leaving Bitfarms with a reserve of 5,646 BTC, worth approximately $218 million.
Bitfarms Ltd. (Nasdaq: BITF, TSX: BITF), a globally distributed mining company, released a production update for April 2022 detailing an increase of 75% year-over-year (YoY) in bitcoin mined, per a press release sent to Bitcoin Magazine.
Bitfarms reported that it mined a total of 405 BTC, worth about $15.6 million, last month, with a daily average of 13.5 BTC, worth roughly $522,000 at the time of writing. The notable increase can be partially attributed to an increase in hashing power, as Bitfarms also reported an increase from 2.7 exahash per second (EH/s) in March to 3.3 EH/s, a 22% month-over-month increase.
“In early April, we surpassed our 3 exahash per second goal (EH/s) with the start of production at our Leger farm, our ninth operating facility,” said Emiliano Grodzki, CEO of Bitfarms, in the release. “This incremental capacity helped drive our average daily production in April to 13.5 BTC/day, up 15% from 11.7 BTC/day in March, and I’m proud to say we exited April running at over 14 BTC/day.”
Bitfarms achieved much of its increases through the installation of 5,900 new miners, which achieved the aforementioned 590 petahash per second (PH/s) increase. The total electrical capacity rose from 16 megawatts (MW) to 137 MW to accommodate not only the addition of new miners but future miners as well.
The Leger site in Sherbrooke, Québec, was launched, bringing 16 MW of electrical capacity online and has capacity for up to 30 MW. Leger brings Bitfarms to nine total mining operations globally.
“We continue to be on track to complete the build out of Leger in May, as well as the second phase of construction at The Bunker in June. These activities are intended to bring on incremental capacity of 32 MW and, in conjunction with ongoing miner installations, are expected to add approximately 640 petahash per second (PH/s) to our online hashrate,” Grodzki added.
Of the 405 BTC mined in the month of April, 403 BTC were deposited into custody. This deposit leaves Bitfarms with a reserve of 5,646 BTC as of April 30, 2022, representing a total value of approximately $218.5 million at the time of writing.
The company reported that a proprietary software for the management of miners that was in beta testing for the past nine months is currently being launched. The services offered will allow improved controls, tracking, sensors, alarms, visualizations and performance metrics for hundreds of thousands of miners.