Bitfarms Ltd (NASDAQ: BITF) is trading higher on Friday after the company provided an update on Bitcoin (CRYPTO: BTC) production and mining operations.
Bitfarms said it mined 305 new Bitcoins in September, while the company mined 1,050 Bitcoins in the third quarter, representing a 38% quarter-on-quarter increase.
Bitfarms’ overall Bitcoin holdings have risen to more than 2,300 Bitcoins, which equates to about $100 million.
“The third quarter of 2021 marks Bitfarms’ quarterly Bitcoin production in 2021, capitalizing on year-round expansion investments and macro occasions in China,” said Emiliano Grodzki, founder and CEO of Bitfarms.
Bitfarms owns and operates blockchain farms that force the global decentralized monetary economy.
BITF Price Action: Bitfarms traded up to $7. 47 and as low as $2. 81 over a 52-week period.
Inventory rose 11. 10% to $4. 72 at the time of publication.
Photo: Miloslav Hamřík of Pixabay.