Bitfarms (NASDAQ: BITF) (TSX: BITF), a global vertically integrated Bitcoin mining company, recently provided an update for the month ended Jan. 31, 2024. The update covered Bitfarms’ mining operations, select operating and January 2024 financial highlights. According to the company, January mining operations generated 357 BTC compared to 446 BTC in December, which, according to Ben Gagnon, chief mining officer of Bitfarms, “reflects the typical higher curtailment during the coldest months and a return to more normal transaction fees as compared to the temporary spike experienced in December 2023.” The update pointed out that Bitfarms sold 357 BTC of the 357 BTC earned, generating total proceeds of $15.3 million. Per the January financial highlights, the company maintained BTC held in treasury at 804, representing approximately $34.6 million based on a BTC price of $43,000 at Jan. 31, 2024.
The update also noted that Bitfarms purchased land for the development of up to 100 MW production facility at Yguazu, Paraguay, and that its shipment of an 80 MW main transformer for the Paso Pe, Paraguay farm remains on schedule. “In 2024, we are embarking on an aggressive growth plan, targeting hashrates of 12 EH/s in 1H 2024 and 21 EH/s in 2H 2024,” said Geoff Morphy, president and CEO of Bitfarms. “The new farm development in Paraguay is expected to drive much of this growth. With land purchased for our 100 MW facility in Yguazu and shipment of the main transformer for Paso Pe, our expansion projects continued on schedule in January. This transformative fleet upgrade and growth plan are being undertaken to position Bitfarms to gain market share and be among the lowest cost producers during this Halving year, which is anticipated to be an inflection point for the industry.”
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About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly traded Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service and multiple onsite technical repair centers. The company’s proprietary data analytics system delivers best-in-class operational performance and uptime. Bitfarms currently has 11 farms in production, one in expansion, one under construction, and one in development, in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based and often underutilized energy infrastructure. To learn more about Bitfarms’ events, developments and online communities, visit www.Bitfarms.com.
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