Publicly
listed Wall Avenue Bitcoin (BTC) miner Bitfarms (NASDAQ: BITF) ended 2024 with
elevated mining hashrate and USD revenues, regardless of a 41% drop in manufacturing
in comparison with the earlier yr.
Bitfarms Doubles Hashrate,
Indicators Main U.S. Market Push
The Bitcoin
mining operator reported a 97% year-over-year enhance in hashrate to 12.8 EH/s
and a 40% enchancment in effectivity to 21 watts per terahash. Regardless of these
beneficial properties, the corporate mined 211 Bitcoin in December, down from 446 in the identical
month final yr, reflecting elevated community problem and aggressive
pressures within the mining sector.
The
end result was among the many weaker ones all year long, with complete manufacturing
in 2024 amounting to 2,914 BTC, in comparison with 4,928 BTC in 2023. Nonetheless, the
common Bitcoin value in 2024, at almost $66,000, considerably elevated the
worth of mined Bitcoins in comparison with 2023, when the common value was just below
$29,000. Consequently, income from final yr’s mining reached $192 million, up
by $50 million.
Nonetheless,
the corporate is exploring methods to diversify, recognizing that cryptocurrency
mining is turning into more and more difficult.
“We’re
executing a strategic pivot from a world Bitcoin miner to a North
American power and compute firm,” mentioned CEO Ben Gagnon. “Whereas we
did not hit all our authentic progress targets, 2024 was transformative for our
operations and positioning.”
The
firm’s pending acquisition of Stronghold Digital Mining, anticipated to
shut in Q1 2025, represents the most important merger between public Bitcoin mining
firms up to now. This deal will considerably increase Bitfarms’ presence in
the U.S. PJM energy market and enhance its potential capability to 1.6 gigawatts,
with roughly 66% positioned in america.
Chief
Monetary Officer Jeff Lucas highlighted the corporate’s sturdy liquidity
place of $145 million at year-end, together with $60 million in money. The agency’s
Artificial HODL program, launched in October 2023, generated roughly $18
million in buying and selling earnings with a 135% return in U.S. greenback phrases earlier than being
closed out in December.
Bitfarms
maintains a wholesome Bitcoin treasury of 934 BTC, valued at $87.8 million primarily based
on the December 31 value of $94,000. The corporate bought 147 BTC in December as
a part of its common treasury administration, producing $14.3 million in proceeds.
This text was written by Damian Chmiel at www.financemagnates.com.
