Bitfarms mines 51% higher BTC in January 2022

With the commencement of operations in January at its 10 MW farm in Paraguay, Bitfarms (NASDAQ:BITF) increased total farms in production from six to seven and total capacity to 116 MW (+9% from prior 106 MW). For January, the company achieved 2.3 EH/s (effective Jan.23), which is up 100 petahash per second from December 2021. The company mined 301 new BTC (+51% from year ago month); 9.5+ BTC mined daily on average which is equivalent to ~$365,900/day and ~$11.4M for the month. Bitcoin (BTC-USD) prices have reported a 4.2% gain in past 1-day trading while in past 1 month shows a 16.7% loss. From total mining, 299 BTC was deposited into custody. As of Jan.31, 2022, 4.6K BTC was in custody which is inclusive of 1KBTC purchased during the month, representing a total value of ~$175M. The company received and installed ~1,840 new miners in January 2022 and it ended the month with 47,360 contractually