Bitfarms Reports Significant Q1 2024 Financial Growth and Strategic Expansion

Bitfarms has announced robust financial performance and strategic growth plans for 2024. In Q1 2024, Bitfarms reported a 67% year-over-year revenue increase, reaching $50.3 million. The company’s adjusted EBITDA surged 230% to $21.0 million, reflecting improved operational efficiency, according to Bitfarms.

Bitfarms’ strategic focus on expanding its global footprint is evident in its growth milestones. The company plans to increase its hashrate to 21 EH/s by the end of 2024, a threefold increase from Q1 2024’s 7.0 EH/s. This expansion will be supported by a transformative fleet upgrade, improving energy efficiency to 21 w/TH, and scaling its operating capacity from 240 MW to 428 MW by year-end.

The company operates 12 farms across Canada, the USA, Argentina, and Paraguay, with an additional farm in development in Paraguay. Bitfarms is committed to using renewable energy, with 99% of its power sourced from hydroelectricity.

Bitfarms holds 806 Bitcoin and boasts a strong balance sheet with $124 million in liquidity and no debt, positioning it well for future growth. The company remains dedicated to leveraging its low-cost power and efficient hardware to maintain industry-leading yield-per-exahash and margin performance.