2024

Bitcoin

In a significant stride towards its 2024 growth ambitions, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a> Ltd. has <a href="https://investor.bitfarms.com/news-events/press-releases/detail/227/bitfarms-earns-357-btc-in-january-2024">unveiled</a> its latest operational updates, including a noteworthy dip in January's Bitcoin mining yield. The company, a global leader in vertically integrated Bitcoin mining, reported mining 357 BTC in January 2024, a reduction from December 2023's 446 BTC. This downturn reflects the seasonal increase in energy curtailment across North America and a normalization of transaction fees after December's spike. 
Under the leadership of President and CEO Geoff Morphy, Bitfarms is gearing up for an aggressive expansion plan, aiming for hashrates of 12 EH/s in the first half of 2024 and 21 EH/s in the latter half. The establishment of a new mining farm in Paraguay is poised to be a cornerstone of this growth, with a 100 MW facility in Yguazu and the main transformer for Paso Pe already in transit.&nbsp; 
January's operations saw a 20% decrease in BTC production compared to the previous month, attributed to heightened energy curtailment due to winter storms and a slight ease in network difficulty. Despite these challenges, Bitfarms maintained an operating <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> of 6.5 EH/s, consistent with December's figures but marking a substantial 38% increase from January 2023. 
The upcoming fleet upgrade, featuring the first batch of 11,600 <a href="https://ultramining.com/en/manufacturers/bitmain/">Bitmain</a> T21 miners set for Quebec and the installation of 1,920 MicroBT M53S+ miners at Paso Pe, is scheduled to commence in the coming months. This upgrade, alongside the development of air-cooled warehouses, is expected to significantly enhance Bitfarms' hashrate and energy efficiency throughout the first half of 2024. 
Financially, Bitfarms sold all 357 BTC mined in January, generating $15.3 million in proceeds and maintaining its BTC treasury at 804 BTC, valued at approximately $34.6 million. Additionally, the company made strides in reducing its total outstanding indebtedness by $2.0 million, with plans to fully repay the remaining balance by February 2024.

Bitfarms Embarks on Expansion and Upgrades

Ultramining_Eng

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