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Bitfarms Sets a New Hashrate Record in October and Predicts Continued Growth

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The Canadian miner Bitfarms anticipates increasing its BTC mining power by 11 percent in November. It achieved a hashrate of 1.8 EH/s in October 2021.

Bitfarms, a Canadian BTC miner, plans to boost its mining capacity to over two EH/s in November this year. The miner achieved a record hashrate in October 2021, according to the filing of the Security and Exchange Commission on Monday, November 1.

The Bitcoin product for the miner rose by 12.5 percent compared to September. The rise can be due to the increased production from its larger and newly constructed facility in Cowansville, Quebec. Last month, the BTC miner expanded its mining capacity to a hashrate of 1.8 EH/s.

The Miner Expects Boost in Their Hashrate

Emiliano Grodzki, the company’s CEO made a significant statement recently. He said the firm is hopeful to increase their hashrate to more than 2 EH/s and enhance their electrical efficiency to forty-four watts per terahash. The CEO attributes these expectations to their deliveries and new miner deliveries en route to continue all through November.

Bitfarms has mined 2,750 Bitcoin so far in 2021. It plans to achieve a hashrate of 3 EH/s mining power by the end of the first quarter in 2022. It expects to achieve 8 EH/s when 2022 ends.

The company is building a couple of new production facilities in Sherbrooke Quebec. These facilities are scheduled to be completed in two different phases in 2022. They will add 78MW of total capacity.

The shares of the company were up 8.8 percent when markets closed on Monday, November 1. The miner mentioned that it produced 38 percent more BTC in the 3rd quarter than it achieved in the 2nd quarter as new BTC mining equipment was installed.

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