2024

Bitcoin

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> has announced robust financial performance and strategic growth plans for 2024. In Q1 2024, Bitfarms reported a 67% year-over-year revenue increase, reaching $50.3 million. The company's adjusted EBITDA surged 230% to $21.0 million, reflecting improved operational efficiency, according to <a href="https://d1io3yog0oux5.cloudfront.net/_28fc18aea1367a8fbde93bc4a7bba740/bitfarms/db/885/8446/results_presentation/Q1+2024+PPT+FINAL.pdf" rel="noopener noreferrer nofollow">Bitfarms</a>.
<figure class="wp-block-image"><img src="https://lh7-us.googleusercontent.com/zqV51QEExtnvFpd0WCJ27WNp2-zQ5xfBz0yjl7DXCmr8nGo_Ajj8kIyOb5jXfVLdAgYt_Gcd2jHX7QXKJs6Nkr7ipTvwk4PwCYKF7ElcEknvIb_Gctp2BqhrKPpIgY2SwrKrpV3NoQ6x1bGlrpapSuQ" alt="">
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Bitfarms’ strategic focus on expanding its global footprint is evident in its growth milestones. The company plans to increase its <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> to 21 EH/s by the end of 2024, a threefold increase from Q1 2024’s 7.0 EH/s. This expansion will be supported by a transformative fleet upgrade, improving energy efficiency to 21 w/TH, and scaling its operating capacity from 240 MW to 428 MW by year-end.
The company operates 12 farms across <a href="https://ultramining.com/news/en/alberta-stanovitsya-centrom-majninga-v-kanade-2/" rel="noopener noreferrer nofollow">Canada</a>, the USA, Argentina, and Paraguay, with an additional farm in development in Paraguay. Bitfarms is committed to using renewable energy, with 99% of its power sourced from hydroelectricity.
Bitfarms holds 806 Bitcoin and boasts a strong balance sheet with $124 million in liquidity and no debt, positioning it well for future growth. The company remains dedicated to leveraging its low-cost power and efficient <a href="https://ultramining.com/hardware/" rel="noopener noreferrer nofollow">hardware</a> to maintain industry-leading yield-per-exahash and margin performance.

Bitfarms Reports Significant Q1 2024 Financial Growth and Strategic Expansion

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