Bitfarms will get 286 Bitcoin in March 2024.
TORONTO, ON and BROSSARD, Quebec, April 1, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, announces monthly production report and announcement of fleet upgrades and expansions. Provides updates.
Fleet Upgrade Review
Geoff Morphy, President and CEO, said: “In March, we exercised our previously announced option to purchase 28,000 Bitmain T21 miners and purchased an additional 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners.
“After seeing the tremendous performance of our currently running T21 miners and with the price of Bitcoin hitting record highs, we have acted quickly to secure these miners at attractive prices ahead of expected hardware price increases. With the purchase of 35,888 Bitmain T21 and farm expansion announced in November, these new 87,796 miners will be enough to reach 21EH/s by the end of the year, improving operational efficiency.
“This order solidifies our expansion plans for 2024 and provides a path for us to operate one of the newest and potentially most efficient mining rigs in the industry. Acquiring these miners will result in rapid and meaningful growth across three key operating metrics: hash rate, energy efficiency, and operating cost per terahash as we plan to capture greater upside from rising Bitcoin prices and expanding mining margins. It is a key part of our strategy to drive improvements,” added Morphy. .
Ben Gagnon, Chief Mines Officer, said: “In March we took delivery of 1,650 T21 miners, with a further 6,400 miners in transit. Most of the miners received are installed and online. The Garlock installation is currently scheduled to be completed in the first week of April. There were fewer miners online than usual due to curtailments in Quebec and Paraguay and power plant maintenance in Argentina, leading to hashrate reaching 6.5EH/s at the end of the month. It is expected to reach 7EH/s by mid-April.
“As we enter halving, we remain focused on our transformational fleet upgrade and expansion plans for 2024, which will triple hash rate to 21 EH/s, increase target operating capacity by 83% to 440 MW, and improve fleet efficiency by 38%. . 21 wins/TH. This represents the largest growth in the company’s history and positions us to become one of the industry leaders in energy efficiency. With its strong balance sheet, Bitfarms is well positioned to execute our growth plans and capitalize on opportunities in the upcoming bull market and beyond.”
Mining Review
Mining operations in March generated 286 BTC compared to 300 BTC in February. This reflects a temporary lower average operating EH/s and a 4.8% increase in network difficulty due to participation in the grid stabilization curtailment program, maintenance of power plants in Argentina, and downtime associated with facility upgrades.
Key Performance Indicators March 2024 February 2024 March 2023
Total BTC earned 286 300 424
Month-end operating EH/sec 6.5 6.5 4.8
BTC/average EH/sec 50 49 91
Average operating EH/sec 5.7 6.1 4.6
Operating capacity (MW) 240 240 188
Hydropower (MW) 186 186 178
Watt/Terahash efficiency (including TH) 34 35 39
Sell BTC 284 300 394
Select operational highlights for March 2024
6.5 EH/s online as of March 31, 2024, 35% increase compared to the same period last year, no change compared to the previous month.
The online average was 5.7EH/s, down 6.6% from the previous month.
50 BTC/average EH/s, up 2.0% from the previous month.
286 BTC acquired, 5% decrease compared to the previous month, 33% decrease Y/Y.
9.2 BTC had an average daily profit of $647,700 based on the BTC price of $70,400 on March 31, 2024.
1,656 Bitmain T21 miners were received, most of them online.
In Paraguay
And Paso Pe:
An 80 MW main transformer was received and installed.
3,905 Bitmain T21 miners are on the move.
Upon receipt of the Hydro container in mid-April, 1,920 Bitmain M53S+ Hydro Miners were received and ready for installation.
Yguazu has contracted purchases for all equipment with long lead times, including large transformers, cabling and related interconnections.
Bitfarms’ monthly BTC production
Month of BTC acquisition in 2024 Acquisition of BTC in 2023
357 January 486
300 February 387
March 286 424
Cumulative total 943 1,297
March 2024 Financial Update
As part of the company’s regular treasury management process, 284 of the 286 BTC acquired were sold, totaling proceeds amounting to $19.2 million.
BTC held in the Treasury increased by 806, equivalent to $56.7 million, based on the BTC price of $70,400 on March 31, 2024.
We held a Synthetic HODL™ of 85 long-term BTC call options on March 31, 2024, reflecting 50 contracts exercised with expiration dates prior to the end of the month.
As of March 31, 2024, it had $66 million in cash and $123 million in total liquidity.
It exercised its 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.
As part of the Company’s focus on efficient capital utilization, the sale and leaseback of the Garlock facility resulted in net proceeds of $1.7 million.
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 and 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, California.
About Bitfarms Ltd
Founded in 2017, Bitfarms is a global Bitcoin mining company that provides computing power to one or more mining pools that accept payouts in Bitcoin. Bitfarms develops, owns and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation services and multiple on-site technical repair centers. The company’s proprietary data analytics systems deliver best-in-class operational performance and uptime.
Bitfarms currently operates 11 Bitcoin mining facilities in four countries, including Canada, the United States, Paraguay, and Argentina, with two more under development. Primarily powered by environmentally friendly hydroelectric power 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 community:
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
BTC or BTC/day = Bitcoin or Bitcoin/day
EH or EH/s = Exahash or exahash per second
MW or MWh = megawatt or megawatt hour
PH or PH/s = Petahash or Petahash per second
TH or TH/s = Terahash or Terahash per second
w/TH = Watt/Terahash efficiency (including cost of powering auxiliary equipment)
Synthetic HODL™ = Use of tools to create Bitcoin equivalent exposure
caution
Trading in the Company’s stock should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, nor any other stock exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this press release.
Investor Relations Contact:
Tracy Crumb (Bitfarms)
+1 786-671-5638
tkrumme@bitfarms.com
David Bernard (LHA)
+1 415-433-3777
investors@bitfarms.com
Media Contact:
real dealer
Khushbhu Choudhary
+1 646-373-9946
mediarelations@bitfarms.com
Quebec Media: Tactics
Louis Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
Source: Bitfarms Ltd.
Submit your blockchain and cryptocurrency press releases here.
