Benzinga | Nov 1, 2021 07:26AM EDT

Bitfarms Expects Hashrate to Increase to 2EH/s From 1.8EH/s Achieved Oct 25th

October 2021 Bitfarms' Mining Production Update

1.8 EH/s achieved effective October 25, 2021. 343 new Bitcoin (BTC) mined during October 2021. 2,750 BTC mined in the first ten months of 2021. 11+ BTC minedOctober 2021 Bitfarms' Mining Production Update

* 1.8 EH/s achieved effective October 25, 2021.

* 343 new Bitcoin (BTC) mined during October 2021.

* 2,750 BTC mined in the first ten months of 2021.

* 11+ BTC mined daily on average, equivalent to about US$ 665,500 per day based on a BTC price of US$60,500 on October 31.

* 2,646 BTC deposited into custody for the year through October 31, 2021, representing approximately 96% of Bitfarms' 2021 BTC production with a total value of approximately US$160 million based on a BTC price of US$60,500.

October 2021 Bitfarms' Mining Operations Highlights

* 2,869 Bitmain S19j Pro miners received and installed.

* 300 MicroBT M30S miners received and installed.

* The remaining 4,361 Bitmain S19j Pro and 400 MicroBT M30S miners scheduled for delivery this year are en route and are expected to be received in multiple batches in November.

* The Cowansville, Qu?bec, farm operated at its fully energized, upgraded capacity of 17 MW for the month, which is a net increase of 13 MW.

* Construction commenced on two new farms in Sherbrooke, Qu?bec, increasing our farms in development from two (Argentina and Paraguay) to four (Argentina, Paraguay and Quebec).

* Construction also began on a farm in Argentina within the gates of a private power company that will not receive any government subsidies.

Bitfarms' BTC 2021 Monthly Production

Month BTCJanuary 199February 178March 221April 232May 262June 265July 391August 354September 305October 343