Bitfarms Ltd. released its monthly production report for March 2024 alongside an update on its ongoing fleet upgrade and expansion efforts. The report highlights several positive developments, despite a slight decrease in Bitcoin production compared to previous months. The company produced 286 BTC in March, down 5% from February and 33% year-over-year. Factors contributing to this decline include participation in grid management programs, power plant maintenance in Argentina, temporary downtime for facility upgrades, and overall network difficulty. However, Bitfarms maintained a strong online hash rate of 6.5 EH/s at the end of March, showing operational efficiency improvements.
Bitfarms is focusing on its 2024 transformational fleet upgrade and expansion plan, aiming to reach 21 EH/s and 21 W/TH in 2024. Chief Mining Officer Ben Gagnon stated that despite the production dip, the company remains committed to its expansion plan, which triples its hash rate, increases operating capacity by 83%, and improves fleet efficiency by 38%. Bitfarms has been actively pursuing its fleet upgrade and expansion plan to enhance its mining capabilities, positioning itself for future growth and success in the industry.
In March, Bitfarms reported substantial earnings and expansions in its mining capabilities. The company’s daily earnings averaged around 9.2 BTC, totaling approximately $647,700 based on current prices. Bitfarms’ treasury also saw an increase, with 806 BTC held, equivalent to $56.7 million. To enhance its mining operations, Bitfarms acquired 1,656 new Bitmain T21 miners and exercised purchase options for additional miners. The company sold 284 of the 286 BTC earned, generating total proceeds of $19.2 million.
Bitfarms is expanding its mining infrastructure in Paraguay, preparing for increased hash rate and mining capacity in the coming months. The company installed an 80 MW main transformer at the Paso Pe facility in Paraguay to boost power capacity significantly. A shipment of 3,905 Bitmain T21 miners is en route to further enhance mining power at the site. Additionally, Bitfarms has received 1,920 Bitmain M53S+ Hydro Miners in preparation for deploying a hydro-powered mining operation in Paraguay. The company has secured purchase agreements for essential equipment to support the development of the Yguazu facility in Paraguay.
Despite facing a slight decrease in production figures for March, Bitfarms is actively investing in new mining hardware and infrastructure expansion to position itself for future growth. The company’s acquisitions of new miners and continued expansion efforts align with its expansion plan for 2024, aiming to operate one of the newest and potentially most efficient mining fleets in the industry. Bitfarms is focused on optimizing its operations, increasing hash rate, and enhancing mining efficiency to remain competitive and successful in the evolving cryptocurrency mining landscape.
