Insight into Bitfarms’ Latest Developments in Bitcoin Mining
Bitfarms Ltd., a prominent global Bitcoin mining company, has recently shared updates on its production and operations for May 2024. These updates highlight significant progress in various aspects of the company’s operations, including the acquisition of additional hydropower resources in Paraguay, an increase in installed hashrate, and improvements in energy efficiency.
Key Highlights of Production and Expansion
- Bitfarms mined 156 BTC in May, a decline from the 269 BTC mined in April, primarily due to the effects of the halving event and operational disruptions in Argentina.
- The company’s installed hashrate saw an increase, reaching 9.5 EH/s, with 7.5 EH/s currently operational, showing a 31% Y/Y improvement and 13% M/M increase in energy efficiency.
Expansion of Hydropower Resources in Paraguay 🌊
- By securing an additional 100 MW of hydropower capacity at the Yguazu site in Paraguay, Bitfarms has doubled its capacity at this location.
- The expansion is set to be deployed in 2025 and will offer sustainable hydropower at a competitive cost of approximately 3.9 cents per kWh, without annual inflationary adjustments.
Fleet Upgrade Acceleration 🚀
- Bitfarms is rapidly advancing its fleet upgrade, having received 25,600 miners and installed 23,600 miners by May 2024, with the remaining miners en route.
- With the addition of these miners, the company expects its hashing power to reach 12 EH/s by June, further enhancing its operational capabilities.
Financial Status and BTC Sales 💰
- In May, Bitfarms sold 136 BTC out of the 156 BTC earned, generating $8.9 million in total proceeds.
- The company’s BTC treasury now stands at 850 BTC, valued at approximately $57.2 million based on a BTC price of $67,300 at the end of May.
Overcoming Operational Challenges
- Despite operational disruptions in Argentina caused by extreme weather conditions, Bitfarms remains focused on achieving its target of 21 EH/s and 21 w/TH by the end of 2024.
- Mining operations at the Rio Cuarto site, which were temporarily curtailed, resumed on May 31, showcasing the company’s resilience in overcoming challenges.
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