TORONTO, Ontario and BROSSARD, Québec, April 01, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/ TSX: BITF), a global vertically integrated Bitcoin mining company, provides its monthly production report and update on its fleet upgrade and expansion.
Fleet Upgrade Review
Geoff Morphy, President and Chief Executive Officer said, “In March, we exercised our previously announced purchase option for 28,000 Bitmain T21 miners and purchased an additional 19,280 Bitmain T21 miners along with 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners.
“Having confirmed the tremendous performance of our T21 miners currently running, and with Bitcoin prices reaching all-time highs, we acted quickly to secure these miners at attractive prices in advance of anticipated hardware price increases. Together, with our 35,888 Bitmain T21 purchases and farm expansions announced in November, these new 87,796 miners are sufficient to reach 21 EH/s by year-end, with greater operating efficiency.
“These orders solidify our expansion plan for 2024 and provide the pathway to operating one of the newest and potentially most efficient mining fleets in the industry. Securing these miners is a key part of our strategy to drive rapid and meaningful improvements across three principal operating metrics of hashrate, energy efficiency and operating costs per terahash as we plan to capture greater upside from rising Bitcoin prices and expanding mining margins,” added Morphy.
Ben Gagnon, Chief Mining Officer, said, “In March, we received 1,650 T21 miners with 6,400 additional miners in transit. The majority of the miners received are installed and online. Garlock installations are now planned for completion in the first week of April. With curtailment in Quebec and Paraguay, as well as power plant maintenance in Argentina, we had fewer miners online than normal, resulting in a month-end hashrate of 6.5 EH/s. We expect to achieve 7 EH/s by mid-April.
“As we enter the Halving, we remain focused on our 2024 transformational fleet upgrade and expansion plan which triples our hashrate to 21 EH/s, increases our targeted operating capacity by 83% to 440 MW, and improves our fleet efficiency by 38% to 21 w/TH. This marks the largest growth in the Company’s history and propels us toward becoming one of the industry leaders in energy efficiency. Bitfarms is well positioned, with a strong balance sheet, to execute on our growth plans and capitalize on opportunities in the upcoming bull market and beyond.”
Mining Review
March mining operations generated 286 BTC compared to 300 BTC in February. This reflects participation in grid-stabilizing curtailment programs, power plant maintenance in Argentina, downtime associated with facility upgrades resulting in temporary lower average operating EH/s, and a 4.8% increase in network difficulty.
Key Performance Indicators March 2024 February 2024 March 2023
Total BTC earned 286 300 424
Month End Operating EH/s 6.5 6.5 4.8
BTC/Avg. EH/s 50 49 91
Average Operating EH/s 5.7 6.1 4.6
Operating Capacity (MW) 240 240 188
Hydropower (MW) 186 186 178
Watts/Terahash Efficiency (w/TH) 34 35 39
BTC Sold 284 300 394
March 2024 Select Operating Highlights
6.5 EH/s online at March 31, 2024, up 35% Y/Y and unchanged from previous month.
5.7 EH/s average online, down 6.6% from the previous month.
50 BTC/average EH/s, up 2.0% from the previous month.
286 BTC earned, 5% lower than previous month and 33% lower Y/Y.
9.2 BTC earned daily on average, equal to ~$647,700 per day based on a BTC price of $70,400 at March 31, 2024.
1,656 Bitmain T21 miners received with majority online.
In Paraguay,
At Paso Pe:
80 MW main transformer received and installed.
3,905 Bitmain T21 miners in transit.
1,920 Bitmain M53S+ Hydro Miners received and ready for installation upon receipt of Hydro Containers in mid-April.
At Yguazu, purchase agreements signed for all long lead-time equipment, including large transformers, cabling, and related interconnects.
Bitfarms’ BTC Monthly Production
Month BTC Earned 2024 BTC Earned 2023
January 357 486
February 300 387
March 286 424
YTD Totals 943 1,297
March 2024 Financial Update
Sold 284 of the 286 BTC earned as part of the Company’s regular treasury management process for total proceeds of $19.2 million.
BTC held in treasury increased to 806, representing $56.7 million based on a BTC price of $70,400 at March 31, 2024.
Held Synthetic HODL™ of 85 long-dated BTC call options at March 31, 2024, reflecting 50 contracts exercised at maturity prior to month-end.
Held $66 million in cash, for total liquidity of $123 million, at March 31, 2024.
Exercised purchase option for 28,000 Bitmain T21 miners and purchased 19,280 Bitmain T21 miners along with 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners.
Received $1.7 million net proceeds from the sale and leaseback of the Garlock facility, as part of the Company’s focus on efficient capital utilization.
Upcoming Conferences and Events
April 8-9: DigitalABC’s First Annual Canadian Crypto Asset and Blockchain Policy Conference, Ottawa
April 9: Bitcoin Policy Summit, Washington DC
April 29-30: AIM Summit, London
May 14-15: 19th Annual Needham Technology, Media & Consumer Conference, New York City
May 15: Digital Blockchain Summit, Washington DC
May 22-23: B. Riley Securities 24th Annual Institutional Investor Conference, Beverly Hills, CA
About Bitfarms Ltd
Founded in 2017, Bitfarms is a global Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 11 operating Bitcoin mining facilities and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
BTC or BTC/day = Bitcoin or Bitcoin per day
EH or EH/s = Exahash or exahash per second
MW or MWh = Megawatts or megawatt hour
PH or PH/s = Petahash or petahash per second
TH or TH/s = Terahash or terahash per second
w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
Synthetic HODL™ = the use of instruments that create bitcoin equivalent exposure
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Investor Relations Contacts:
Tracy Krumme (Bitfarms)
+1 786-671-5638
tkrumme@bitfarms.com
David Barnard (LHA)
+1 415-433-3777
Investors@bitfarms.com
Media Contacts:
Actual Agency
Khushboo Chaudhary
+1 646-373-9946
mediarelations@bitfarms.com
Québec Media: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
Source: Bitfarms Ltd.
Submit Your Blockchain and Crypto Press Release here.
