Bitfarms mines less BTC in March despite expanding its mining Fleet – Crypto News – Crypto News
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Bitfarms mines less BTC in March despite expanding its mining Fleet – Crypto News

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1 year ago

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  • Bitfarms mined 286 BTC in March, down from 300 in February.
  • Bitfarms’ fleet upgrade aims for 21 EH/s and 21w/TH efficiency.
  • Bitfarms sold 284 BTC increasing treasury holdings to 806 BTC.

Bitfarms Ltd. (BITF), a prominent global Bitcoin mining company, experienced a slight dip in its Bitcoin (BTC) production for the month of March 2024, despite its ongoing efforts to expand and upgrade its mining fleet.

Bitfarms mined a total of 286 BTC in March 2024, down from the 300 BTC mined in February.

This decline in production can be attributed to various factors, including participation in grid-stabilizing curtailment programs and power plant maintenance activities in Argentina.

Additionally, a temporarily lower average operating EH/s and a 4.8% increase in network difficulty compared to the previous month also contributed to the decrease in BTC production.

Bitfarms’ fleet upgrade and expansion plan

Despite the decrease in BTC production, Bitfarms seems to be very committed to enhancing its mining capabilities.

The company has been actively pursuing its fleet upgrade and expansion plan, aiming to reach 21 EH/s and 21w/TH in 2024.

To achieve this goal, Bitfarms has made significant investments, including the purchase of 28,000 Bitmain T21 miners, along with additional S21 miners and S21 hydro miners.

These acquisitions are part of Bitfarms’ strategy to improve operational efficiency and capitalize on the potential for increased mining margins amid rising Bitcoin prices.

Current financial standing and future outlook of Bitfarms

Bitfarms sold 284 out of the 286 BTC earned in March, generating total proceeds of $19.2 million.

Furthermore, Bitfarms increased its BTC treasury holdings to 806, valued at $56.7 million, and held Synthetic HODL™ of 85 long-dated BTC call options, along with $66 million in cash, resulting in total liquidity of $123 million.

Looking ahead, Bitfarms remains optimistic about its growth prospects.

The company is set to participate in several upcoming conferences and events, including DigitalABC’s First Annual Canadian Crypto Asset and Blockchain Policy Conference and the Bitcoin Policy Summit.

With its ongoing fleet expansion efforts and a focus on operational efficiency, Bitfarms is well-positioned to navigate the evolving cryptocurrency landscape and capitalize on opportunities in the market.

By diligently expanding its mining fleet and adapting to market conditions, Bitfarms continues to solidify its position as a key player in the Bitcoin mining industry.

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