Bitfarms Achieves 12.8 EH/s and Mines 204 BTC in November 2024 Update
Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent player in the Bitcoin mining industry, has released its November 2024 production and operations update, showcasing significant achievements and strategic developments. According to GlobeNewswire, the company reached an operational hashrate of 12.8 EH/s in November, largely due to the deployment of miners at Stronghold Digital Mining's sites in Pennsylvania.
Operational Milestones
Bitfarms' November performance is highlighted by the mining of 204 Bitcoin (BTC), a decrease from the 236 BTC mined in October. This decline is attributed to a 7% increase in Bitcoin's mining difficulty. The company's transition to more efficient S21 Pro miners is expected to enhance mining efficiency in the coming months.
The firm has upgraded nearly 19,000 T21 miners to S21 Pro miners, with delivery expected in December and January. This upgrade aims to improve energy efficiency by nearly 10%, achieving 19 watts per terahash (w/TH) by mid-2025.
Strategic Expansion and Leadership Changes
Bitfarms is strategically positioning itself in North America, with 75% of its hashrate anticipated to be derived from the region by mid-2025. The company also expanded its Board of Directors, appointing Andrew J. Chang as an Independent Director, increasing the board to six members.
In a notable leadership change, Benoit Gobeil, the Chief Infrastructure Officer, resigned at the end of November. CEO Ben Gagnon acknowledged Gobeil's contributions since 2018 and expressed confidence in a smooth transition as they search for a replacement with expertise in HPC/AI and U.S.-based data center management.
Financial and Future Outlook
In line with its treasury management strategy, Bitfarms sold 171 of the 204 BTC mined in November, generating $14.6 million. The company also transferred 351 Bitcoin to Bitmain as part of a miner upgrade agreement, which involved upgrading T21 miners to S21 Pro miners for $33.2 million in Bitcoin.
Looking ahead, Bitfarms remains optimistic about its growth prospects, particularly in leveraging its extensive energy portfolio for strategic opportunities in high-performance computing (HPC) and artificial intelligence (AI). The upcoming conferences, including the B. Riley Crypto & Energy Infrastructure Conference in NYC, will be key platforms for Bitfarms to discuss its strategic direction and operational advancements.
Founded in 2017, Bitfarms operates 12 Bitcoin data centers across Canada, the United States, Paraguay, and Argentina, with a strong emphasis on sustainable energy solutions. The company's commitment to environmentally friendly operations is reflected in its use of hydro-electric power and long-term power contracts.