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Bitfarms Mined 339 Bitcoin in November as Network Difficulty Increased
Bitfarms attributed the performance to new mining equipment driving a 16% increase in the hashrate.
Updated May 11, 2023, 4:01 p.m. Published Dec 1, 2021, 12:45 p.m.
Bitcoin mining company Bitfarms said it mined 339 bitcoins in November, down from 343 in October, as network difficult increased.
- The Nasdaq and Toronto Stock Exchange-listed company reported Wednesday having mined 3,089 BTC in the first 11 months of the year.
- Bitfarms said it was able to maintain production levels due to the delivery and installation of mining equipment, driving a 16% increase in the hashrate to 2.1 exahash per second (EH/s), attaining the target it set for the month after reaching 1.8 EH/s in October.
- By reaching a hashrate of 2 EH/s in mid-November, Bitfarms had doubled its mining power in the last eight months.
- During November, the firm received 400 MicroBT M30S miners and 3,588 Bitmain S19j Pro miners, with a further 702 of the latter scheduled for delivery in the first half of December.
- “Even with an increase in network difficulty, our BTC production level held steady in November,” CEO Emiliano Grodzki said in a statement.
Read more: Crypto Miner Sell-Off ‘Too Much Too Fast,’ Says DA Davidson Analyst
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