Bitfarms surges on record quarterly BTC production in Q3

Bitfarms (NASDAQ:BITF) gains 11.1% premarket on Q3 bitcoin production growth of 38% Q/Q to1,050 BTC. The company mined 305 new Bitcoin in the month of September and 2,407 on YTD basis. Through Septmber, 30, the company deposited 2,312 BTC into custody, ~96% of company's BTC production with a total value of approximately $100M based on a BTC price of $43,500. “Third quarter 2021 marks Bitfarms’ highest quarterly Bitcoin production in 2021, capitalizing on growth investments throughout the year and macro events in China,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “Following these macro events, which resulted in the Bitcoin network’s largest ever reduction in difficulty, the network is experiencing a steady recovery, but remains below historic highs.” With scheduled monthly deliveries totaling 55,000 miners over the next 15 months and new high-power production facilities coming online, the company is regularly increasing hashrate towards goals of 3 exahash per second (EH/s)