Bitfarms Announces March 2024 Production and Operations Update with Significant Fleet Expansion

Bitfarms Ltd. (NASDAQ/ TSX: BITF), a leading global Bitcoin mining company, has released its March 2024 production report, highlighting significant advancements in its fleet upgrade and expansion efforts. The company aims to achieve a targeted hashrate of 21 EH/s and improve its fleet efficiency to 21w/TH by the end of 2024, marking a substantial growth phase.

In March, Bitfarms capitalized on the opportunity to expand its mining capabilities by acquiring a total of 51,168 Bitmain T21 miners, along with 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners. This strategic move was motivated by the outstanding performance of the T21 miners and the anticipation of hardware price increases due to rising Bitcoin prices. These acquisitions are pivotal in Bitfarms’ plan to operate one of the most efficient mining fleets in the industry.

March witnessed the reception of 1,650 T21 miners, with 6,400 additional miners in transit. The majority of these miners are already online, contributing to Bitfarms’ operational efficiency. Despite facing challenges such as power curtailment and maintenance, Bitfarms managed to maintain a month-end hashrate of 6.5 EH/s. The company is optimistic about reaching 7 EH/s by mid-April 2024.

The March 2024 production yielded 286 BTC, a slight decrease from February’s 300 BTC. This outcome reflects the impact of operational adjustments and an increase in network difficulty. Nonetheless, Bitfarms remains focused on its transformational fleet upgrade and expansion plan, which is expected to triple its hashrate to 21 EH/s and significantly improve fleet efficiency.