Bitfarms (BITF) Reports July 2024 Bitcoin Production and Operational Milestones

Bitfarms
Ltd.
(NASDAQ/TSX:
BITF),
a
global
vertically
integrated
Bitcoin
mining
data
center
company,
has
announced
its
production
update
for
July
2024.
According
to

GlobeNewswire,
the
company
earned
253
BTC
in
July,
marking
a
34%
increase
month-over-month.
The
company’s
HODL
(hold
on
for
dear
life)
strategy
saw
a
boost,
with
reserves
increasing
to
1,016
BTC.

Operational
Expansion
and
Efficiency

Bitfarms
has
reported
an
increase
in
its
operational
hashrate
to
11.1
EH/s,
a
7%
rise
from
June
2024.
The
company’s
fleet
upgrade
program
is
contributing
to
this
growth,
with
CEO
Ben
Gagnon
highlighting
the
efficiency
improvements
post
the
April
halving
event.
“Our
Bitcoin
mined
per
month
has
increased
by
62%
since
the
halving
event,
demonstrating
our
operational
expertise
and
improved
efficiency,”
Gagnon
stated.

In
Paraguay,
the
Paso
Pe
site
is
now
fully
operational,
and
construction
at
the
Yguazu
site
is
advancing
rapidly.
However,
the
company
faces
challenges
with
a
batch
of
~3,000
T21
miners
that
are
underperforming
due
to
overheating
issues.
Bitmain
is
replacing
these
miners,
and
the
new
units
are
expected
to
be
operational
within
three
weeks.

Financial
and
Mining
Metrics

Bitfarms’
financial
strategy
remains
robust,
with
CFO
Jeff
Lucas
confirming
that
their
2024
growth
and
efficiency
plans
are
fully
funded.
This
funding
allows
the
company
to
achieve
its
year-end
guidance
of
21
EH/s
and
21
w/TH.
The
company
sold
142
BTC
in
July,
generating
$8.6
million
in
proceeds,
while
adding
111
BTC
to
its
reserves.

The
company’s
mining
review
for
July
showed
an
8.4%
increase
in
Bitcoin
difficulty.
Key
performance
indicators
for
the
month
include:

• Total
  BTC
  earned:
  253
  (up
  from
  189
  in
  June)
• Month-end
  operating
  EH/s:
  11.1
  (up
  from
  10.4
  in
  June)
• BTC/Avg.
  EH/s:
  25
• Average
  operating
  EH/s:
  10.3
  (up
  from
  7.6
  in
  June)
• Operating
  capacity:
  310
  MW
• Hydropower:
  256
  MW
• Watts/Terahash
  efficiency:
  25
  w/TH

In
Quebec,
the
Baie-Comeau
site
is
on
track
for
a
12
MW
expansion,
scheduled
to
be
energized
by
September
1,
2024.

Future
Outlook

Bitfarms
anticipates
continued
growth
and
efficiency
improvements
in
the
coming
months.
With
the
majority
of
its
T21
miners
performing
as
expected
and
further
optimizations
planned,
the
company
is
well-positioned
for
future
advancements.
The
company’s
synthetic
HODL™
strategy
also
includes
233
long-dated
BTC
call
options
as
of
July
31,
2024.

Upcoming
Events

Bitfarms
has
several
upcoming
events,
including:

• August
  8:
  Q2
  2024
  Conference
  Call
  at
  8am
  ET
• September
  9-11:
  H.C.
  Wainwright
  26th
  Annual
  Global
  Investment
  Conference
• October
  21-22:
  AIM
  Summit
  Dubai

Founded
in
2017,
Bitfarms
operates
12
Bitcoin
data
centers
across
four
countries:
Canada,
the
United
States,
Paraguay,
and
Argentina.
The
company
is
committed
to
sustainable
energy
practices,
predominantly
utilizing
hydro-electric
power.

Image
source:
Shutterstock