Bitfarms Ltd owns and operates blockchain farms that power the global decentralized financial economy. It provides computing power to crypto currency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, earning fees from each network for securing and processing transactions. The company was founded on October 11 2018 and is headquartered in Toronto Canada. Bitfarms Reports 38% Jump in Q3 Bitcoin Production From Q2; Shares Climb 16% as Digital Currencies Rally Canadian bitcoin mining company, on Friday reported production of 1,050 bitcoin in Q3, up 38% from the previous quarter.
The company said it mined 305 bitcoin last month and 2,407 bitcoin since the beginning of the year. Bitfarms said it deposited 2,312 bitcoin, 96% of output, into custody through the end of September, with a total value of $100 million based on a bitcoin price of $43,500. The company said it is regularly boosting its hashrate towards its goals of 3 exahash per second in Q1 and 8 exahash per second by the end of next year. Bitfarms' Nasdaq-listed shares climbed nearly 19% in intraday trading on Friday, and were last up more than 16% as bitcoin's price surged nearly 9% to $47,7209.