2024

Bitcoin

April

Bitfarms, a leading Bitcoin mining firm, has released its financial results for Q2 2024, showcasing significant progress in its global operations despite facing challenging market conditions. The company reported a quarterly revenue of $42 million, which marks a 17% increase year-over-year but a 16% decline from the previous quarter. This decline is primarily due to the Bitcoin halving event in April 2024, which significantly reduced block rewards. As a result, Bitfarms' gross mining margin fell to 51%, down from 64% in Q1 2024, according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/260/bitfarms-reports-second-quarter-2024-results">Bitfarms</a>. 
Despite these challenges, Bitfarms has made substantial advancements in expanding its mining capacity and improving operational efficiency. The company nearly doubled its hashrate to 11.1 EH/s in Q2, up from 6.5 EH/s in Q1 2024. This growth is supported by the energization of its largest site to date in Paso Pe, Paraguay, and a new 120 MW facility in Sharon, Pennsylvania. The Pennsylvania site, part of the PJM Interconnection, provides access to low-cost U.S. energy and offers opportunities beyond Bitcoin mining, including potential HPC/AI projects. 
In South America, Bitfarms expanded its presence by securing an additional 100 MW of power in Paraguay, bringing its total contracted capacity in the country to 280 MW by mid-2025. This expansion solidifies Bitfarms' position as the largest Bitcoin miner in the region, leveraging favorable power contracts and sustainable energy sources. 
However, the company reported a net loss of $27 million for Q2 2024, driven by increased costs, including accelerated depreciation on older mining equipment. Despite these financial setbacks, Bitfarms remains focused on its long-term growth strategy, aiming to achieve a hashrate of 21 EH/s by the end of 2024 and 35 EH/s by 2025. The company's leadership, now under newly appointed CEO Ben Gagnon, is committed to expanding its U.S. footprint and exploring diversification beyond Bitcoin mining. 
Bitfarms' CFO Jeff Lucas emphasized the company's financial stability, noting that its 2024 growth plans are fully funded, with ample liquidity to support ongoing infrastructure development and miner procurement. As of June 30, 2024, Bitfarms held $195 million in liquidity, including $139 million in cash and 905 BTC valued at $57 million.

Bitfarms Expands Operations Despite Q2 Losses

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