07:48 AM EDT, 11/01/2024 (MT Newswires) -- Bitfarms ( BITF ) is trading 1.8% higher in U.S. premarket early on Friday after the bitcoin miner gave its latest monthly production report.

Bitfarms ( BITF ) is up US$0.035, to US$1.96 in U.S. premarket trade.

In October, Bitfarms ( BITF ) announced a second hosting agreement with Stronghold Digital Mining that will deploy the 10,000 miners that were originally meant for Paraguay, to Stronghold's Scrubgrass site. This follows an initial hosting agreement for 10,000 miners signed in September for a total of 20,000 miners to be deployed at Stronghold's two sites in Pennsylvania. The two hosting agreements support approximately 4 EH/s.

October mining operations generated 236 BTC compared to 217 BTC in Sept. Bitfarms ( BITF ) sold 194 of the 236 BTC earned as part of its regular treasury management practice for total proceeds of US$13 million.

Bitfarms ( BITF ) added 42 BTC to Treasury, raising the total to 1,188 BTC, from 1,147 BTC the month before and representing US$84.3 million based on a BTC price of US$71,000 at Oct, 31.

"While we are pleased to have reached our year-end efficiency goal of 21 w/TH three months ahead of schedule, we recognize that we are behind schedule on delivering our mid-year 12 EH/s target," said CEO Ben Gagnon. "Despite improvements in recent miner shipments, continued miner warranty servicing has impeded the achievement of our hash rate target."

Deliveries are scheduled to accelerate in the last two months of the year.