Bitfarms Reports August 2024 Production and Strategic Expansion
Rebeca Moen Sep 04, 2024 12:53
Bitfarms announces acquisition of Stronghold Digital Mining, reports August 2024 BTC production, and outlines significant expansion plans.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, has released its August 2024 production report and provided updates on its strategic expansion initiatives. The company earned 233 BTC in August and increased its HODL to 1,103 BTC, according to GlobeNewswire.
Strategic Expansion and Stronghold Digital Mining Acquisition
Bitfarms announced the acquisition of Stronghold Digital Mining, a move that will increase its energy portfolio by 47% by 2025. This acquisition will allow Bitfarms to target an expansion of up to 950 MW by the end of 2025, with nearly 50% of its capacity based in the U.S. The company is positioning itself for multi-year growth with a total expansion capacity of up to 1.6 GW, approximately 66% of which will be located in the U.S., a significant increase from the current 6%.
Ben Gagnon, CEO of Bitfarms, emphasized the strategic importance of this acquisition, stating, “By vertically integrating with power generation and advancing our energy trading capabilities, Bitfarms is executing a strategy that positions us to diversify our operations beyond Bitcoin mining and maximize long-term shareholder value.”
Operational Enhancements
Bitfarms has also assumed control of a mega-site in Sharon, PA, which offers access to up to 120 MW. The company finalized the acquisition of 110 MW, with 30 MW expected to come online by the end of 2024. A Letter of Intent has been signed for an additional 10 MW site, which will increase the total site capacity to 120 MW by 2025.
Mining Performance
In August, Bitcoin difficulty decreased by 1.3%. Bitfarms’ mining operations generated 233 BTC, compared to 253 BTC in July, due to increased average network difficulty, partially offset by a higher corporate hashrate. The company received 2,744 T21 miners from Bitmain to replace underperforming miners, which are currently being installed.
| Key Performance Indicators | August 2024 | July 2024 | August 2023 |
|---|---|---|---|
| Total BTC earned | 233 | 253 | 383 |
| Month End Operating EH/s | 11.3 | 11.1 | 5.6 |
| BTC/Avg. EH/s | 22 | 25 | 75 |
| Average Operating EH/s | 10.4 | 10.3 | 5.1 |
| Operating Capacity (MW) | 310 | 310 | 212 |
| Hydropower (MW) | 256 | 256 | 183 |
| Watts/Terahash Efficiency (w/TH) | 25 | 25 | 37 |
| BTC Sold | 147 | 142 | 323 |
August 2024 Financial Highlights
In August, Bitfarms sold 147 BTC of the 233 BTC earned as part of its regular treasury management practice, generating total proceeds of $8.8 million. The company added 86 BTC to its treasury, bringing its total holdings to 1,103 BTC, valued at $65.1 million based on a BTC price of $59,000 at the end of August.
Upcoming Conferences and Events
- September 9-11: H.C. Wainwright 26th Annual Global Investment Conference (New York)
- October 21-22: AIM Summit (Dubai)
- November 13-14: Cantor Crypto, Digital Assets & AI Infrastructure Conference (Miami)
Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools, receiving payment in Bitcoin. The company operates 12 Bitcoin data centers and has two more under development in four countries: Canada, the United States, Paraguay, and Argentina. Bitfarms is committed to using sustainable energy, predominantly powered by hydro-electric and long-term power contracts.
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