Bitfarms (TSX:BITF) increases mining production and upgrades Paraguay farm

• Bitfarms Ltd. (BITF) has increased its bitcoin (BTC) mining production by 61 per cent and upgraded its Paraguay mining farm
• It mined 486 new BTC during January up 61 per cent year-over-year
• It also increased its Exa Hashes per second (EH/s) online by 104 per cent compared to last year
• The company imported and installed 2,888 new miners at its Paraguay location
• Bitfarms Ltd. (BITF) is up 3.01 per cent, trading at $1.37 per share as of 1:48 p.m. EST

Bitfarms Ltd. (BITF), a global Bitcoin self-mining company, has increased its bitcoin (BTC) mining production by 61 per cent and upgraded its Paraguay mining farm.

The company stated it mined 486 new BTC during January, up 61 per cent year-over-year. Also, as of yesterday, it has increased its Exa Hashes per second (EH/s) online by 104 per cent compared to last year.

Geoff Morphy, President and CEO of Bitfarms, commented,

“In January, we continued to deliver steady performance amidst a period of macro headwinds and predominantly low BTC prices most of the month. Pursuing a disciplined approach to investment as the industry consolidates and recovers, we expect to benefit in 2023 and into the next halving event in 2024.”

Ben Gagnon, Chief Mining Officer of Bitfarms, added,

“Additionally, during the month, we deployed more efficient miners in Paraguay, which added a net 168 Peta Hash per second (PH/s) near the end of the month.”

The company imported and installed 2,888 new miners at its Paraguay location, which brought its total Hash rate to 288 PH/s. This equipment upgrade improved fleet w/TH efficiency, as it replaces 2,450 Innosilicon T3 miners, which are now scheduled to be liquidated.

Bitfarms Ltd. (BITF) is up 3.01 per cent, trading at $1.37 per share as of 1:48 p.m. EST.