Bitfarms Ltd. May 2024: Progress and Developments

Bitfarms Ltd. has shared an update on its May 2024 production and operational activities, showcasing significant progress and developments amid operational challenges. During this period, the company generated 156 BTC, a decrease attributed to the aftermath of the April halving event and operational limitations in Argentina. Nonetheless, Bitfarms strategically enhanced its operational capacity by securing an additional 100 MW of hydropower at its Yguazu facility in Paraguay, doubling its capacity to 200 MW. This expansion initiative is expected to yield up to 6 EH/s by 2025, aligning with Bitfarms' long-term strategic vision. The company's installed hashrate climbed to 9.5 EH/s, with 7.5 EH/s actively operational, showcasing operational efficiency. Notable progress was seen in corporate energy efficiency metrics, now standing at 27 watts per terahash (w/TH), reflecting a significant 31% annual improvement and a 13% monthly advancement. Moving forward, Bitfarms aims to achieve 21 EH/s in mining capacity and 21 w/TH energy efficiency by the close of 2024. The company received a substantial financial boost with a $17 million VAT refund in Quebec from a total refund of $24 million, leading to a 15% reduction in Canadian power costs, crucial for supporting growth strategies and achieving the 21 EH/s target within the year. The fleet modernization is progressing efficiently, with 25,600 miners received and 23,600 miners installed year-to-date, with a goal of reaching 12 EH/s by June. Despite the decline in production to 156 BTC in May due to decreased block rewards post-halving and operational issues in Argentina amid severe winter conditions, the average operating EH/s increased to 6.4, marking a 5% rise from the previous month. Bitfarms managed its asset portfolio effectively by selling 136 BTC for $8.9 million, maintaining a treasury holding of 850 BTC worth $57.2 million as of the end of May. In summary, Bitfarms exhibited significant progress, operational efficiencies, and financial prudence in May, positioning itself for continued growth and success in the competitive Bitcoin mining industry.