2024

Bitcoin

April

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd. has released its May 2024 production and operations update, revealing significant progress in various areas. The company earned 156 BTC in May, reflecting a decrease from previous months due to the April halving event and operational curtailments in Argentina. However, Bitfarms secured an additional 100 MW of hydropower at its Yguazu site in Paraguay, doubling its capacity to 200 MW. This expansion is set to add up to 6 EH/s in 2025, according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/245/bitfarms-provides-may-2024-productionand-operations-update" rel="noopener noreferrer nofollow">Bitfarms</a>.
The company's installed hashrate increased to 9.5 EH/s, with 7.5 EH/s operational. Corporate energy efficiency improved to 27 watts per terahash (w/TH), up 31% year-over-year and 13% month-over-month. Bitfarms aims to reach 21 EH/s and 21 w/TH by the end of 2024.
Bitfarms received $17 million from a $24 million VAT refund in Quebec, reducing Canadian power costs by 15%. This refund provides funds to support growth and reach the 21 EH/s target this year. The fleet upgrade is progressing rapidly, with 25,600 miners received and 23,600 installed year-to-date, aiming for 12 EH/s in June.
The May production drop to 156 BTC was due to reduced block rewards post-halving and curtailed operations in Argentina due to extreme winter weather. The average operating EH/s increased to 6.4, up 5% from April. Bitfarms sold 136 BTC for $8.9 million, maintaining a treasury of 850 BTC worth $57.2 million at the end of May.
Overall, Bitfarms shows strong growth and operational efficiency improvements, positioning itself for continued expansion and sustainability in the Bitcoin mining industry.&nbsp;&nbsp;

Bitfarms Earns 156 BTC in May

Ultramining_Eng

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