- Bitfarms mined 286 BTC in March, up from 300 BTC in February.
- Bitfarms’ fleet upgrade targets 21EH/s and 21w/TH efficiency.
- Bitfarms sold 284 BTC, increasing treasury holdings to 806 BTC.
Bitfarms Ltd. (BITF), a prominent global Bitcoin mining company, experienced a slight decline in Bitcoin (BTC) production in March 2024, despite ongoing efforts to expand and upgrade its mining equipment.
Bitfarms mined a total of 286 BTC in March 2024, down from 300 BTC mined in February.
This decline in production can be attributed to a variety of factors, including Argentina’s grid stabilization curtailment program and participation in power plant maintenance activities.
Additionally, temporarily lower average operating EH/s and a 4.8% increase in network difficulty compared to the previous month also contributed to the decline in BTC production.
Bitfarms’ fleet upgrade and expansion plans
Despite the decline in BTC production, Bitfarms appears to be putting a lot of effort into improving its mining capabilities.
The company has been actively pursuing fleet upgrade and expansion plans with the goal of reaching 21EH/s and 21w/TH in 2024.
To achieve this goal, Bitfarms has made significant investments, including the purchase of 28,000 Bitmain T21 miners along with additional S21 miners and S21 Hydro miners.
This acquisition is part of Bitfarms strategy to improve operational efficiency and capitalize on the potential for increased mining margins as the price of Bitcoin rises.
Bitfarms’ current financial status and future prospects
Bitfarms sold 284 of the 286 BTC it earned in March, generating a total of $19.2 million in revenue.
Additionally, Bitfarms increased its BTC treasury holdings to 806 (worth $56.7 million) and held a Synthetic HODL™ of 85 long-term BTC call options along with $66 million in cash, bringing total liquidity to $123 million. .
Looking ahead, Bitfarms is optimistic about its growth prospects.
The company will participate in several upcoming conferences and events, including DigitalABC’s first annual Canadian Crypto Asset and Blockchain Policy Conference and Bitcoin Policy Summit.
With its ongoing fleet expansion efforts and focus on operational efficiency, Bitfarms is well-positioned to navigate the evolving cryptocurrency landscape and capitalize on opportunities in the market.
By diligently expanding its mining fleet and adapting to market conditions, Bitfarms continues to solidify its position as a key player in the Bitcoin mining industry.