Bitfarms Reports January Bitcoin Production Numbers

Bitfarms Ltd released its bitcoin production numbers for the first month of 2022, highlighting the addition of its new Paraguay location. The establishment of its newest mining facility brings the total number of online farms to seven. 

“Bringing our Paraguay farm online marks the start of our commercial operations in South America. The first of our two South American development projects, bringing the Paraguay farm online furthers our goals of achieving 3 exahash per second (EH/s) by the end of the first quarter of 2022 and 8 EH/s by the end of 2022.”  Remarked the CEO of Bitfarms, Emiliano Grodzki.

The report included Bitfarms’ January bitcoin production of 301 BTC, marking a 51% year-over-year increase. The company explained that the number may be lower than a standard month as some of the energy supply to its farms in Québec is curtailed. During the winter months, most excess energy is used to heat and power homes, which can impact productivity for these particular locations.

On average, Bitfarms mined roughly 9.5 BTC a day thanks to a hash rate of 2.3 EH/s throughout the month of January. This translates to around $365,900 a day, or $11.4 million a month based on a BTC price of $38,000.

The company also revealed it now holds 4,600 BTC following a purchase of 1000 BTC over the month. Of the 301 BTC mined, 299 were deposited into custody.

The company provided an update on two additional sites currently under development. The Bunker and Leger farms located in Sherbrooke are expected to be operational by the end of the first quarter of 2022. 

Additionally, Bitfarms has installed 1,840 new miners but expects this number to slow as miner manufacturing shuts down due to the Chinese New Year holiday in China. The company reported 47,360 contractually secured miners to be delivered over the course of 2022.