Bitfarms Ltd., a global leader in vertically integrated BTC data center operations, today announced its latest monthly production report. All financial references are in U.S. dollars.
In October, Bitfarms announced a second hosting agreement with Stronghold Digital Mining, Inc. (“Stronghold”) that will deploy 10,000 miners, originally scheduled for Yguazu, Paraguay, to Stronghold’s Scrubgrass site. This follows an initial hosting agreement for 10,000 miners signed in September for a total of 20,000 miners to be deployed at Stronghold’s two sites in Pennsylvania. The two hosting agreements support approximately 4 EH/s with energization expected in several tranches over the coming months.
CEO Ben Gagnon stated, “While we are pleased to have reached our year-end efficiency goal of 21 w/TH three months ahead of schedule, we recognize that we are behind schedule on delivering our mid-year 12 EH/s target. Despite improvements in recent miner shipments, continued miner warranty servicing has impeded the achievement of our hash rate target. We have a strong partnership with Bitmain and appreciate their diligence in rapidly servicing the underperforming miners as deliveries are scheduled to accelerate in the last two months of the year.”
Mining Review
October mining operations generated 236 bitcoin compared to 217 BTC in September reflecting a 3% increase in average operating EH and an 8% increase in Bitcoin difficulty during the month.
| Key Performance Indicators | October 2024 | September 2024 | October 2023 |
| Total bitcoin earned | 236 | 217 | 398 |
| Month End Operating EH/s | 11.5 | 11.3 | 6.3 |
| BTC/Avg. EH/s | 22 | 21 | 67 |
| Average Operating EH/s | 10.6 | 10.3 | 5.9 |
| Operating Capacity (MW) | 310 | 310 | 240 |
| Hydropower (MW) | 256 | 256 | 186 |
| Watts/Terahash Efficiency (w/TH) | 21 | 21 | 35 |
| Bitcoin Sold | 194 | 173 | 341 |
October 2024 Select Operating Highlights
- 11.5 EH/s operational at October 31, 2024, up 83% Y/Y.
- 10.6 EH/s average operational, up 80% Y/Y and up 3% M/M.
- 22.2 Bitcoin/average EH/s, up 5% M/M and 67% lower Y/Y.
- 236 Bitcoin earned, up 9% M/M and 41% lower Y/Y.
- 7.6 BTC earned daily on average, equal to ~$540,000 per day based on a BTC price of $71,000 at October 31, 2024.
Bitfarms’ Bitcoin Monthly Production
| Month | BTC Earned 2024 | BTC Earned 2023 |
| January | 357 | 486 |
| February | 300 | 387 |
| March | 286 | 424 |
| April | 269 | 379 |
| May | 156 | 459 |
| June | 189 | 385 |
| July | 253 | 378 |
| August | 233 | 383 |
| September | 217 | 411 |
| October | 236 | 398 |
| YTD Totals | 2,496 | 4,090 |
October 2024 Financial Update
- Sold 194 of the 236 bitcoin earned as part of the Company’s regular treasury management practice for total proceeds of $13.0 million.
- Added 42 bitcoin, bringing Treasury to 1,188 bitcoin, up from 1,147 bitcoin last month and representing $84.3 million based on a bitcoin price of $71,000 at October 31, 2024.
- Synthetic HODL™ of 802 long-dated bitcoin call options at October 31, 2024, up from 602 at the end of the prior month.
