Bitfarms Reports June 2024 Bitcoin Production and Operational Advances

Bitfarms
Ltd.
(NASDAQ/
TSX:
BITF),
a
global
vertically
integrated
Bitcoin
(BTC)
mining
company,
has
released
its
production
and
operations
update
for
June
2024.
The
company
earned
189
BTC
during
the
month
and
significantly
increased
its
installed
hashrate
to
11.4
EH/s,
with
10.4
EH/s
operational,
according
to

Globe
Newswire.

Operational
Efficiency
and
Expansion

Bitfarms
has
improved
its
energy
efficiency
to
25
watts
per
terahash
(w/TH),
marking
a
36%
year-over-year
(Y/Y)
and
7.4%
month-over-month
(M/M)
increase.
The
company’s
Chief
Mining
Officer,
Ben
Gagnon,
highlighted
the
completion
of
upgrades
at
all
Quebec
facilities,
which
have
expanded
hashrate
and
enhanced
energy
efficiency
and
gross
mining
margins.

In
Paraguay,
Bitfarms’
Paso
Pe
facility
has
energized
four
of
its
five
warehouses
and
six
of
its
eight
hydro
containers,
contributing
2.5
EH/s
with
an
additional
0.6
EH/s
expected
to
be
energized
in
July.
However,
severe
weather
in
June
caused
moderate
delays
and
temporary
underperformance
of
miners.

Strategic
U.S.
Expansion

Bitfarms
has
entered
a
new
agreement
to
develop
a
120
MW
site
in
Sharon,
Pennsylvania.
This
site
is
strategically
located
within
the
Pennsylvania-New
Jersey-Maryland
Interconnection
(PJM),
the
largest
wholesale
electricity
market
in
the
U.S.
The
site
is
expected
to
provide
competitively
priced
electricity
and
opportunities
for
demand
response
and
curtailment
programs,
making
it
suitable
for
high-intensity
computing
beyond
Bitcoin
mining,
including
high-performance
computing
(HPC)
and
artificial
intelligence
(AI)
services.

Phillippe
Fortier,
SVP
of
Corporate
Development,
expressed
confidence
that
the
Sharon
site
will
offer
long-term
access
to
low-cost
U.S.
energy
and
flexible
power
trading
options.
PJM’s
shift
from
coal-powered
plants
to
greener
energy
sources
also
aligns
with
Bitfarms’
commitment
to
environmental
sustainability.

Financial
and
Mining
Highlights

In
June
2024,
Bitfarms
sold
134
out
of
the
189
BTC
earned,
generating
$8.8
million
in
proceeds.
The
company
reported
total
liquidity
of
$194
million,
including
$139
million
in
cash,
and
held
905
BTC
in
treasury,
valued
at
$55.2
million
based
on
a
BTC
price
of
$61,000.

June’s
mining
operations
saw
an
increase
in
corporate
hashrate,
resulting
in
the
production
of
189
BTC
compared
to
156
BTC
in
May.
The
company
also
faced
curtailment
in
Argentina
and
downtime
associated
with
upgrading
miners
in
Quebec,
partially
offset
by
a
0.8%
decrease
in
network
difficulty
compared
to
May.

Key
Performance
Indicators

Future
Outlook

Bitfarms
is
on
track
to
deliver
21
EH/s
and
21
w/TH
efficiency
by
the
end
of
2024
and
has
initiated
guidance
for
2025
with
a
target
of
over
35
EH/s.
The
company’s
2025
power
capacity
target
has
more
than
doubled
to
648
MW
from
the
current
310
MW,
reflecting
a
109%
growth.
The
Sharon
site
alone
is
expected
to
support
8
EH/s,
alongside
the
recent
acquisition
of
an
additional
100
MW
in
Paraguay.

Jeff
Lucas,
Chief
Financial
Officer,
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,
  TN
• September
  9-11:
  H.C.
  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
is
predominantly
powered
by
environmentally
friendly
hydro-electricity
and
long-term
power
contracts.

Image
source:
Shutterstock