Bitfarms Reports June 2024 Bitcoin Production and Operational Advances

Bitfarms Ltd. (NASDAQ/ TSX: BITF), a world vertically built-in Bitcoin (BTC) mining firm, has launched its manufacturing and operations replace for June 2024. The corporate earned 189 BTC throughout the month and considerably elevated its put in hashrate to 11.4 EH/s, with 10.4 EH/s operational, based on Globe Newswire.

Operational Effectivity and Growth

Bitfarms has improved its power effectivity to 25 watts per terahash (w/TH), marking a 36% year-over-year (Y/Y) and seven.4% month-over-month (M/M) improve. The corporate’s Chief Mining Officer, Ben Gagnon, highlighted the completion of upgrades in any respect Quebec amenities, which have expanded hashrate and enhanced power effectivity and gross mining margins.

In Paraguay, Bitfarms’ Paso Pe facility has energized 4 of its 5 warehouses and 6 of its eight hydro containers, contributing 2.5 EH/s with an extra 0.6 EH/s anticipated to be energized in July. Nonetheless, extreme climate in June triggered average delays and momentary underperformance of miners.

Strategic U.S. Growth

Bitfarms has entered a brand new settlement to develop a 120 MW web site in Sharon, Pennsylvania. This web site is strategically situated throughout the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the biggest wholesale electrical energy market within the U.S. The positioning is anticipated to offer competitively priced electrical energy and alternatives for demand response and curtailment applications, making it appropriate for high-intensity computing past Bitcoin mining, together with high-performance computing (HPC) and synthetic intelligence (AI) companies.

Phillippe Fortier, SVP of Company Improvement, expressed confidence that the Sharon web site will supply long-term entry to low-cost U.S. power and versatile energy buying and selling choices. PJM’s shift from coal-powered vegetation to greener power sources additionally aligns with Bitfarms’ dedication to environmental sustainability.

Monetary and Mining Highlights

In June 2024, Bitfarms bought 134 out of the 189 BTC earned, producing $8.8 million in proceeds. The corporate reported whole liquidity of $194 million, together with $139 million in money, and held 905 BTC in treasury, valued at $55.2 million primarily based on a BTC value of $61,000.

June’s mining operations noticed a rise in company hashrate, ensuing within the manufacturing of 189 BTC in comparison with 156 BTC in Could. The corporate additionally confronted curtailment in Argentina and downtime related to upgrading miners in Quebec, partially offset by a 0.8% lower in community problem in comparison with Could.

Key Efficiency Indicators

Future Outlook

Bitfarms is on observe to ship 21 EH/s and 21 w/TH effectivity by the tip of 2024 and has initiated steerage for 2025 with a goal of over 35 EH/s. The corporate’s 2025 energy capability goal has greater than doubled to 648 MW from the present 310 MW, reflecting a 109% development. The Sharon web site alone is anticipated to help 8 EH/s, alongside the current acquisition of an extra 100 MW in Paraguay.

Jeff Lucas, Chief Monetary Officer, emphasised that Bitfarms is dedicated to pursuing strategic ventures that ship vital worth to shareholders. The corporate plans to replace its contracted energy capability and 2025 EH/s goal as extra alternatives materialize.

Upcoming Conferences and Occasions

• July 9-13: Alberta Commerce Mission and Stampede, Calgary, Alberta
• July 25-27: Bitcoin Convention, Nashville, TN
• September Sept. 11: H.C. Wainwright twenty sixth Annual International Funding Convention

Based in 2017, Bitfarms at present operates 12 Bitcoin mining amenities throughout Canada, the USA, Paraguay, and Argentina. The corporate is predominantly powered by environmentally pleasant hydro-electricity and long-term energy contracts.

Picture supply: Shutterstock