Bitfarms Enhances Efficiency and Expands into AI with Strategic Moves
Bitfarms Ltd. has announced significant progress in its June 2024 production and operational update. The company earned 189 BTC in June, boosted its installed hashrate to 11.4 EH/s, and improved energy efficiency to 25 w/TH. This marks a 36% year-over-year and 7.4% month-over-month improvement. Notably, Bitfarms is expanding its footprint in the U.S. with a new 120 MW site in Sharon, Pennsylvania, well-suited for high-performance computing (HPC) and artificial intelligence (AI) services.
Bitfarms has set ambitious targets, aiming to more than double its power capacity to 648 MW by 2025 from the current 310 MW. The company is on track to deliver 21 EH/s and 21 w/TH in 2024, with a new guidance of over 35 EH/s for 2025.
“We continue to make progress on our fleet upgrades and new facility constructions, having installed over 39,000 new miners and deracked over 39,000 old miners so far this year,” said Ben Gagnon, Chief Mining Officer. “Upgrades at all of our Quebec facilities are now complete and have significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio.” according to Bitfarms.
In Paraguay, the Paso Pe facility is nearly fully operational, contributing 2.5 EH/s with the remaining 0.6 EH/s to be energized in July. Despite severe weather causing moderate delays, the site remains a significant asset for Bitfarms. The company is also developing a 120 MW site in Sharon, Pennsylvania, within the PJM Interconnection, the largest wholesale electricity market in the U.S. This site offers competitively priced electricity and opportunities to participate in demand response and curtailment programs.
Phillippe Fortier, SVP of Corporate Development, highlighted the advantages of the Sharon site, stating, “We are confident that Sharon’s operations in the PJM grid will provide long-term access to low-cost U.S. energy and flexible power trading options in addition to revenue diversification opportunities.” The site’s potential for HPC and AI services aligns with Bitfarms’ strategy to leverage operational excellence and data center design expertise.
June’s operations saw the energization of the Paso Pe 70 MW substation, the company’s largest active facility. However, shipping delays resulted in a temporary setback in Paraguay. The company’s mining review showed a 21% increase in BTC earned month-over-month, despite curtailment in Argentina and downtime in Quebec.
Bitfarms’ June financial update reported selling 134 BTC of the 189 earned, generating $8.8 million in proceeds. The company’s total liquidity stood at $194 million, including $139 million in cash. With 905 BTC in treasury, representing $55.2 million, Bitfarms remains financially robust.
