Strategic Enhancements Propel Bitfarms Towards 21 EH/s Hashrate Target

Bitfarms Ltd., a notable player in global Bitcoin mining, has recently shared a comprehensive update on its production and operations for April 2024.  according to Bitfarms.

During April, Bitfarms mined 269 BTC, slightly lower than the 286 BTC mined in March, due to the recent BTC Halving and a 5.9% increase in network difficulty. Despite these challenges, Bitfarms has made substantial progress in upgrading its fleet. In Quebec, the company completed upgrades at two sites with Bitmain T21 miners, enhancing energy efficiency by an impressive 51% at these locations and by 9% across the company.

The fleet upgrade is part of a broader initiative to achieve a target of 21 EH/s and 21 w/TH in 2024. The Paso Pe site is pivotal to this plan, with full site energization scheduled for May, which is expected to contribute approximately 2 EH/s at 23 w/TH.

Furthermore, Bitfarms secured a favorable outcome in a VAT case in Québec, obtaining a $23.7 million tax refund. This decision will reduce Canadian electricity costs and capital expenditures by 15%, offering both immediate financial relief and long-term operational savings.

Looking ahead, Bitfarms remains on track to reach its mid-year target of 12 EH/s and 25 w/TH by Q2 2024, with ongoing installations and upgrades across various sites. The company’s strategic developments underscore its commitment to optimizing operational efficiency and enhancing shareholder value through innovative mining solutions and fiscal prudence.