Bitfarms Ltd. (NASDAQ/ TSX: BITF), a global vertically integrated Bitcoin (BTC) mining company, has announced its June 2024 production and operations update. The company earned 189 BTC during the month and significantly increased its installed hashrate to 11.4 EH. According to Globe Newswire, /s operates at 10.4 EH/s.
Operational Efficiency and Scale
Bitfarms has improved its energy efficiency to 25 watts per terahash (w/TH), up 36% year-over-year (Y/Y) and 7.4% month-over-month (M/M). The company’s Chief Mining Officer, Ben Gagnon, highlighted that the upgrades have been completed across all of its facilities in Quebec, increasing hashrate while improving energy efficiency and gross mining margins.
In Paraguay, Bitfarms’ Paso Pe facility powered four of five warehouses and six of eight hydro containers, delivering 2.5 EH/s and is expected to power an additional 0.6 EH/s in July. . However, severe weather in June caused some delays and temporarily reduced performance for miners.
Strategic American Expansion
Bitfarms has signed a new agreement to develop a 120MW site in Sharon, Pennsylvania. The site is strategically located within the Pennsylvania-New Jersey-Maryland Interconnect (PJM), the largest wholesale electricity market in the United States. The site is expected to provide competitively priced electricity and opportunities for demand response and curtailment programs, and will be well-suited for high-intensity computing beyond Bitcoin mining, including high-performance computing (HPC) and artificial intelligence (AI) services.
Phillippe Fortier, senior vice president of corporate development, said he is confident the Sharon site will provide long-term access to affordable American energy and flexible power trading options. PJM’s transition from coal-fired power plants to greener energy sources is also consistent with Bitfarms’ commitment to environmental sustainability.
Financial and Mining Highlights
In June 2024, Bitfarms sold 134 of the 189 BTC it earned, generating $8.8 million in revenue. The company reported $194 million in liquidity, including $139 million in cash, and held 905 BTC in its treasury, worth $55.2 million at a BTC price of $61,000.
The company’s hashrate increased in June mining operations produced 189 BTC compared to 156 BTC in May. The company also faced cutbacks in Argentina and downtime from upgrading miners in Quebec, partially offset by a 0.8% decrease in network difficulty compared to May.
Key Performance Indicators
indicator | June 2024 | May 2024 | June 2023 |
Total BTC earned | 189 | 156 | 385 |
Month-end operating EH/s | 10.4 | 7.5 | 5.3 |
BTC/Average EH/Sec | 25 | 24 | 77 |
Average operating EH/sec | 7.6 | 6.4 | 5.0 |
Operating capacity (MW) | 310 | 240 | 207 |
Hydroelectric power (MW) | 256 | 186 | 178 |
Watt/terahash efficiency (including TH) | 25 | 27 | 39 |
BTC sold | 134 | 136 | 346 |
Future outlook
Bitfarms is on track to deliver 21 EH/s and 21 W/TH efficiency by the end of 2024, and has started its 2025 guidance targeting over 35 EH/s. The company’s 2025 capacity target more than doubles from the current 310 MW to 648 MW, representing a 109% growth. The Sharon site alone is expected to support 8 EH/s, along with the recent acquisition of an additional 100 MW in Paraguay.
Chief Financial Officer (CFO) Jeff Lucas emphasized that Bitfarms is committed to pursuing strategic ventures that deliver significant value to shareholders. The company plans to update its contracted power capacity and 2025 EH/s target as additional opportunities materialize.
Upcoming Conferences and Events
- July 9-13: Alberta Trade Mission and Stampede, Calgary, Alberta
- July 25-27: Bitcoin Conference, Nashville, Tennessee
- September 9-11: HC Wainwright 26th Annual Global Investment Conference
Founded in 2017, Bitfarms currently operates 12 Bitcoin mining facilities across Canada, the United States, Paraguay, and Argentina. The company primarily sources its power from environmentally friendly hydroelectric power and long-term power contracts.
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