Bitfarms Releases Production Report for March 2024 and Accelerates Expansion

Bitfarms Releases Production Report for March 2024 and Accelerates Expansion

Leading global Bitcoin mining company Bitfarms Ltd. released a monthly production report for March 2024 on April 1 as well as an update on ongoing fleet expansion and expansion efforts. Although Bitcoin production fell slightly in March compared to previous months, the report highlights several positive developments that position the company for future growth.

According to the report, the Bitcoin mining company produced 286 BTC in March, down 5% from February and 33% year-on-year. This decline is attributed to a combination of factors including participation in network management programs, maintenance at power plants in Argentina, temporary downtime for facility upgrades that impacted the average operating hash rate, and overall network difficulty.

Despite the decline in production, Bitfarms was able to maintain a strong online hash rate of 6.5 EH/s (exahash per second) at the end of March. Bitfarms also achieved a 2% improvement in average Bitcoins earned per EH/s compared to February. This suggests that the company's operations are becoming more efficient at extracting Bitcoin despite the lower hash rate.

“As we approach halving, we remain focused on our rapid upgrade and expansion plan for 2024, which will triple our hashrate to 21 EH/s, increase our target capacity by 83% to 440 MW, and improve our per-use efficiency by 38% to 21 w/TH,” said Chief Mining Officer Ben Gagnon.

The company has been actively working on its fleet upgrade and expansion plan to achieve a hash rate of 21 EH/s (exahash per second) and 21 W/TH (watts per terahash) in 2024.

In March, Bitfarms reported significant gains and expansions in its mining capabilities. The company's daily earnings averaged about 9.2 BTC, which is about $647,700 at current prices. Bitfarms' cash balances also increased to 806 BTC, equivalent to $56.7 million as of March 31, 2024.

As part of its regular cash management, Bitfarms sold 284 of the 286 BTC earned, generating total proceeds of $19.2 million. To further improve its mining operations, Bitfarms acquired 1,656 new Bitmain T21 miners, most of which are already operational and contributing to the hash rate.

In addition, the company exercised a purchase option for 28,000 Bitmain T21 miners and purchased 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners.

“After confirming the excellent performance of our currently running T21 miners and Bitcoin prices reaching new highs, we acted quickly to secure these miners at attractive prices ahead of any hardware price increases,” said Bitfarms President and CEO Geoff Murphy.

Murphy emphasized that these acquisitions align with Bitfarms' 2024 expansion plan to operate one of the newest and potentially most efficient mining fleets in the industry.

Despite a slight decline in production numbers in March, Bitfarms continues to invest in new mining hardware and infrastructure expansions in Paraguay, positioning the company for a significant hash rate increase in the coming months.

A key development includes the installation of an 80 MW main transformer at the Paso Pe plant in Paraguay, significantly increasing power capacity. A shipment of 3,905 Bitmain T21 miners is also on the way to further improve mining performance at this location.

In anticipation of deploying a hydro-powered mining operation, Bitfarms has received 1,920 Bitmain M53S+ hydro miners. These miners will be deployed until the arrival of specialized hydro containers, which are expected in mid-April.

To support the development of the Yguazu facility in Paraguay, Bitfarms has entered into purchase agreements for all essential equipment with long delivery times. This includes large transformers, cabling and connections required to seamlessly integrate the new hardware into the existing infrastructure.

Overall, Bitfarms’ monthly production report shows positive developments and suggests future expansion for the company. Despite the slight decline in Bitcoin production in March, Bitfarms remains confident and continues to invest in upgrades, expansions and the acquisition of new mining hardware to strengthen its position in the Bitcoin market and expand its mining capabilities.