2024

Bitcoin

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd., a global leader in Bitcoin mining, has released its annual update for 2023, <a href="https://investor.bitfarms.com/news-events/press-releases/detail/222/bitfarms-earns-446-btc-in-december-2023-and-4928-btc-for" rel="noopener noreferrer nofollow">showcasing</a> a year of significant growth and expansion. The company reported earning a total of 4,928 BTC for the year, a remarkable achievement in the cryptocurrency <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>.
In 2023, Bitfarms successfully executed its growth strategy, enhancing its operational capacity and financial stability. By the end of the year, the company increased its <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> by 44% year-over-year to 6.5 exahash per second (EH/s), surpassing its own guidance. Furthermore, Bitfarms expanded its total contracted capacity to 593 megawatts (MW), laying a strong foundation for continued growth.
Looking forward to 2024, the company is on track to achieve an ambitious target of 12 EH/s and a fleet efficiency of 25 watts per terahash (w/TH) by the second quarter. There is also the potential to reach 17 EH/s and 23 w/TH fleet efficiency later in the year. This growth is supported by a miner purchase agreement for up to 63,888 new <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a> miners.
Geoff Morphy, CEO of Bitfarms, highlighted the company's liquidity strength, with $118 million at the end of 2023. Nearly 70% of the new miners will be deployed in existing <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">U.S.</a> and Canadian farms, while the rest are earmarked for the Paso Pe, <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a> expansion, which is ahead of schedule.
Chief Mining Officer Ben Gagnon emphasized the strong operational performance in December, which saw an average online hashrate of 6.2 EH/s. Bitfarms' mining operations have kept pace with the network hashrate growth, generating a comparable number of Bitcoins year-over-year. The company is focused on upgrading its miner fleet and improving hashrate and energy efficiency in the first half of 2024.
Jeff Lucas, CFO of Bitfarms, discussed the company's financial strategies, noting the increase in total liquidity by $52 million to $118 million at the year's end. The company held $84 million in cash, $34 million in BTC, and only $4 million in debt.&nbsp;
December 2023 was a productive month for Bitfarms, producing 446 BTC, a 13.8% increase from November. The company sold 444 BTC, generating $18.9 million in proceeds. The BTC price at the end of December was $42,500, valuing the BTC held in treasury at approximately $34.2 million.
The company's continued expansion and technological advancements position it well for the upcoming year and the anticipated 2024 Bitcoin halving.

Bitfarms Ltd. Achieves Record BTC Earnings and Expands Hashrate in 2023

Ultramining_Eng

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