Iris Coleman
Nov 01, 2024 15:17
Bitfarms Ltd. reports earning 236 BTC in October 2024, with significant operational expansions and hosting agreements, despite challenges in reaching its hash rate targets.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent player in the Bitcoin mining industry, has disclosed its operational and production results for October 2024, highlighting a successful month with the acquisition of 236 BTC. This marks a noticeable increase from the 217 BTC earned in September, despite the industry’s rising Bitcoin difficulty level.
Operational Developments and Partnerships
In a strategic move, Bitfarms has finalized a second hosting agreement with Stronghold Digital Mining, Inc. This agreement involves the deployment of 10,000 miners originally slated for Yguazu, Paraguay, to Stronghold’s Scrubgrass facility in Pennsylvania. This expansion follows the initial agreement signed in September, which also included 10,000 miners, thereby enhancing Bitfarms’ operational capacity significantly.
The two agreements are expected to support approximately 4 EH/s, with miner energization anticipated in phases over the coming months. This development underscores Bitfarms’ commitment to scaling its operations and enhancing its efficiency metrics, which have already met the year-end goal of 21 watts per terahash (w/TH) three months ahead of schedule.
Mining and Financial Performance
October’s mining operations achieved a 3% increase in average operating exahash (EH) and an 8% surge in Bitcoin difficulty, reflecting Bitfarms’ resilience and adaptability in a volatile market. The company sold 194 of the 236 BTC earned, generating $13.0 million in revenue, and bolstered its Bitcoin treasury to 1,188 BTC, valued at approximately $84.3 million.
CEO Ben Gagnon acknowledged the challenges faced in reaching the mid-year hash rate target of 12 EH/s, attributing delays to ongoing miner warranty servicing issues. However, improvements in miner shipments and a robust partnership with Bitmain are expected to facilitate accelerated deliveries in the remaining months of the year.
Future Prospects and Events
Looking ahead, Bitfarms is poised for further growth, with several conferences and events lined up, 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 foster new opportunities for collaboration and expansion.
With 12 operational Bitcoin data centers and two more under development across Canada, the United States, Paraguay, and Argentina, Bitfarms continues to leverage sustainable energy sources, primarily hydroelectric power, to drive its operations. This commitment to sustainability aligns with global trends towards eco-friendly and efficient energy use in cryptocurrency mining.
For more detailed information, please 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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