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Bitfarms Reports November Bitcoin Production and Sales

02/12/2024 20:23

According to PANews, Bitfarms has released its latest monthly production report, revealing that the company mined 204 Bitcoins in November, a decrease from the 236 Bitcoins mined in October. This change reflects a 1% increase in average operational efficiency and a 7% rise in Bitcoin mining difficulty. As of November 30, Bitfarms' operational speed reached 12.8 EH/s, marking a 100% year-over-year increase and an 11% month-over-month growth. Since the beginning of the year, Bitfarms has produced a total of 4,482 Bitcoins. In addition, Bitfarms sold 171 out of the 204 Bitcoins generated from its regular fund management operations, earning a total of $14.6 million. Following a mining equipment upgrade agreement announced on November 12, Bitfarms added 33 Bitcoins to its treasury from mining operations and transferred 351 Bitcoins to Bitmain. Considering the Bitcoin transfer to Bitmain, Bitfarms' treasury held 870 Bitcoins at the end of November, down from 1,188 Bitcoins the previous month. Based on the Bitcoin price of $97,000 on November 30, the treasury's value was approximately $84.4 million.

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