Iris Coleman
1 November 2024 15:17
Bitfarms Ltd. reports that it acquired 236 BTC in October 2024 through significant operational expansion and hosting deals, despite difficulties reaching its hashrate target.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent player in the Bitcoin mining industry, has revealed its operating and production results for October 2024, highlighting a successful month with the acquisition of 236 BTC. This is a notable increase compared to the 217 BTC acquired in September, despite the industry’s rising Bitcoin difficulty.
Operational Development and Partnerships
In a strategic move, Bitfarms has finalized a second hosting agreement with Stronghold Digital Mining, Inc. The deal includes placing 10,000 miners originally planned for Iguazu, Paraguay, at Stronghold’s Scrubgrass facility in Pennsylvania. This expansion follows an initial agreement signed in September, which included 10,000 miners, significantly increasing Bitfarms’ operational capabilities.
Both contracts are expected to support approximately 4 EH/s and miner energy supply is expected in phases over the coming months. This development highlights Bitfarms’ efforts to scale its operations and improve its efficiency metrics, which have already achieved its year-end target of 21 watts per terahash (TH) three months ahead of schedule.
Mining and Financial Performance
In October, mining operations saw a 3% increase in average operating Exahash (EH) and an 8% surge in Bitcoin difficulty. This reflects Bitfarms’ resilience and adaptability in volatile markets. The company sold 194 of the 236 BTC it earned, generating $13 million in profit and boosting its Bitcoin coffers to 1,188 BTC worth about $84.3 million.
CEO Ben Gagnon acknowledged the difficulties faced in achieving the full-year hashrate target of 12EH/s due to delays caused by ongoing miner warranty service issues. However, with improved miner shipments and a strong partnership with Bitmain, delivery speeds are expected to accelerate over the remainder of the year.
Future outlook and events
Looking ahead, Bitfarms is poised for further growth with several conferences and events, including the Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami and the ROTH Technology Conference in NYC. These events are expected to enhance Bitfarms’ visibility and create new opportunities for collaboration and expansion.
With 12 operating Bitcoin data centers and two more in development across Canada, the United States, Paraguay, and Argentina, Bitfarms continues to leverage sustainable energy sources, primarily hydroelectric power, to power its operations. This commitment to sustainability is consistent with the global trend toward environmentally friendly and efficient energy use in cryptocurrency mining.
For more information, visit (Bitfarms Ltd.)(https://www.globenewswire.com/news-release/2024/11/01/2973267/0/en/Bitfarms-Provides-October-2024-Production-and) . -Operations-Update.html).
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