Mining company Bitfarms mined 398 BTC in October and sold 341 BTC

Mining company Bitfarms Ltd. today announced its monthly update for October 2023. The company obtained 398 BTC from mining last month, a decrease of 3.2% from 411 BTC in September. The company also said that despite a 9.4% increase in network difficulty in October, Bitfarms’ daily revenue in October was an average of 12.8 BTC, equivalent to approximately $437,800 per day, and approximately $13 million in revenue for the entire month. Additionally, the company sold 341 BTC in October, earning $10 million in total proceeds. CEO Geoff Morphy said that as new Bitcoin mining machines enter the market, the company is expected to achieve significant growth in production at its existing state-of-the-art facilities. (GlobeNewswire)