Bitfarms (BITF) Surpasses Efficiency Goals and Expands Operations in September 2024
Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin (BTC) data center operations, has provided its latest monthly production report, highlighting significant achievements for September 2024. The report reveals that the company earned 217 BTC during the month and increased its HODL to 1,147 BTC.
Efficiency Milestone Achieved
Bitfarms reached its end-of-year efficiency target of 21 watts per terahash (w/TH) ahead of schedule. CEO Ben Gagnon attributed this achievement to the replacement of thousands of miners and the implementation of energy efficiency measures across the company's facilities. This resulted in a 16% increase in energy efficiency for the month.
Key Agreements and Expansions
On September 13, 2024, Bitfarms announced a hosting agreement with Stronghold Digital Mining, Inc. This partnership is expected to accelerate the deployment of 10,000 Bitmain T21 miners, initially scheduled for Yguazu, Paraguay. These miners are anticipated to add approximately 2.2 exahashes per second (EH/s) to Bitfarms' operational capacity when deployed to Stronghold’s Panther Creek site.
Additionally, on September 23, 2024, Bitfarms entered into a settlement agreement with Riot Platforms Inc. This agreement was made in anticipation of the Special Meeting of Bitfarms Shareholders, now rescheduled to November 20, 2024.
Operational Highlights
Despite a 1.2% increase in Bitcoin network difficulty, Bitfarms produced 217 BTC in September, down from 233 BTC in August. The company’s operational hash rate remained steady at 11.3 EH/s.
| Key Performance Indicators | September 2024 | August 2024 | September 2023 |
| Total BTC earned | 217 | 233 | 411 |
| Month End Operating EH/s | 11.3 | 11.3 | 6.1 |
| BTC/Avg. EH/s | 21 | 22 | 70 |
| Average Operating EH/s | 10.3 | 10.4 | 5.8 |
| Operating Capacity (MW) | 310 | 310 | 233 |
| Hydropower (MW) | 256 | 256 | 183 |
| Watts/Terahash Efficiency (w/TH) | 21 | 25 | 36 |
| BTC Sold | 173 | 147 | 362 |
Financial Update
In September 2024, Bitfarms sold 173 of the 217 BTC earned, generating $10.5 million in proceeds. The company’s total liquidity stood at $146 million, including $73 million in cash. The treasury increased to 1,147 BTC, valued at $73.4 million based on a BTC price of $64,000 at the end of September.
Future Outlook
Bitfarms remains on track to achieve 21 EH/s in the coming months and aims to double its operating capacity by 2025, with nearly 50% of its power capacity based in the U.S. The company continues to focus on executing its growth strategy and creating value for shareholders.
For more details, visit the official announcement on GlobeNewswire.