Bitfarms November bitcoin production up 34% Y/Y

Bitfarms ( NASDAQ: BITF ) mined 453 BTC in November, bringing year-to-date total to 4,672, up 51% from the same period in 2021. Production grew 34% from November 2021, but slipped 6.7% M/M compared to 486 BTC mined in October. Monthly production was impacted primarily by increases in network difficulty and a shorter month. November hashrate increased 5% to 4.4 EH/s by mid-month, compared to 4.2 EH/s at the beginning of the month. Year to date, network difficulty is up 52%, while hashrate has grown 109%. The company averaged 15.1 BTC mined per day for the full month and exiting November at a similar rate, down from an average of 15.7 BTC mined per day for the month of October 2022. Bitfarms ( BITF ) sold 453 BTC from mining operations and 400 BTC from treasury during the month, generating total proceeds of $14.6M. As of Nov. 30, 1,664 BTC were held in custody, representing a total value of ~$28.5M based on a BTC price of US$17,100. BITF shares are up 4% premarket