In March 2024, Bitfarms Ltd. released its monthly production report, showcasing a production of 286 BTC, which is a 5% decrease from February and a 33% decrease year-over-year. This decline is attributed to various factors such as participation in grid management programs, power plant maintenance in Argentina, temporary downtime for facility upgrades, and overall network difficulty. Despite the decrease in production, Bitfarms maintained a strong online hash rate of 6.5 EH/s at the end of March, achieving a 2% improvement in average Bitcoin earned per EH/s compared to the previous month. This indicates that the company’s operations are becoming more efficient at extracting Bitcoin despite the lower hash rate.
Bitfarms aims to triple its hash rate to 21 EH/s and increase its operating capacity by 83% to 440 MW, while improving fleet efficiency by 38% to 21 W/TH in 2024. The company has been actively pursuing its fleet upgrade and expansion plan to achieve these targets. In March, Bitfarms also reported significant earnings and expansions in its mining capabilities. The company’s daily earnings averaged around 9.2 BTC, totaling approximately $647,700 based on current prices. Bitfarms’ treasury saw an increase, with 806 BTC held, equivalent to $56.7 million at the end of March 2024.
To enhance its mining operations, Bitfarms acquired 1,656 new Bitmain T21 miners, most of which are already operational and contributing to the hash rate. The company also exercised a purchase option for 28,000 Bitmain T21 miners and bought additional miners to boost its mining capacity. By securing these new miners at attractive prices, Bitfarms aims to operate one of the newest and potentially most efficient mining fleets in the industry. The acquisitions align with Bitfarms’ expansion plan for 2024 and reflect the company’s commitment to staying competitive in the rapidly evolving cryptocurrency mining landscape.
In Paraguay, Bitfarms is expanding its mining infrastructure and preparing for a significant increase in hash rate in the coming months. The installation of an 80 MW main transformer at the Paso Pe facility will greatly boost power capacity, while a shipment of 3,905 Bitmain T21 miners is expected to further enhance mining power at the site. Additionally, Bitfarms has received 1,920 Bitmain M53S+ Hydro Miners to deploy in anticipation of a hydro-powered mining operation. The company has also secured purchase agreements for all essential equipment for the Yguazu facility in Paraguay, including large transformers and cabling, to seamlessly integrate new hardware into existing infrastructure.
Despite a slight decrease in production figures for March, Bitfarms is strategically positioning itself for future growth by investing in new mining hardware, expanding its mining infrastructure, and securing additional miners to increase its hash rate. The company’s focus on efficiency and expansion, along with its commitment to staying competitive in the cryptocurrency mining industry, sets Bitfarms on a path towards achieving its goals for 2024. With plans to triple its hash rate, increase operating capacity, and improve fleet efficiency, Bitfarms is poised for continued success in the evolving world of Bitcoin mining.
