At Extreme Investor Network, we pride ourselves on providing unique and valuable insights into the world of cryptocurrency, blockchain, and all things related to investing in the digital asset space. Today, we are excited to share an in-depth analysis of Bitfarms Ltd. (NASDAQ/ TSX: BIT) and their recent activities in the Bitcoin mining industry.
Bitfarms recently released their production and operations update for June 2024, showcasing impressive results in Bitcoin production and key operational advancements. The company earned 189 BTC during the month and significantly increased its installed hashrate to 11.4 EH/s, with 10.4 EH/s operational, according to Globe Newswire.
One of the key highlights of Bitfarms’ operations is their focus on operational efficiency and expansion. The company has improved its energy efficiency to 25 watts per terahash (w/TH), representing a substantial 36% year-over-year increase. Chief Mining Officer, Ben Gagnon, emphasized the completion of upgrades at all Quebec facilities, which have enhanced energy efficiency and gross mining margins.
In addition to their operations in Quebec, Bitfarms has also made strategic moves in the U.S. market. They have recently entered an agreement to develop a 120 MW site in Sharon, Pennsylvania, within the Pennsylvania-New Jersey-Maryland Interconnection (PJM) – the largest wholesale electricity market in the U.S. This strategic location is expected to provide competitively priced electricity and opportunities for high-intensity computing beyond Bitcoin mining.
Financially, Bitfarms reported selling 134 out of the 189 BTC earned in June, generating $8.8 million in proceeds. The company holds a total liquidity of $194 million, with $139 million in cash and 905 BTC in treasury.
Looking ahead, Bitfarms has set ambitious targets for the future, aiming to deliver 21 EH/s and 21 w/TH efficiency by the end of 2024. They have initiated guidance for 2025 with a target of over 35 EH/s, showcasing their commitment to growth and innovation in the mining industry.
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