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.
