Bitfarms Ltd. a global leader in vertically integrated Bitcoin data center operations, today announced its latest monthly production report. All financial references are in U.S. dollars.
Bitfarms achieved an operating hashrate of 12.8 EH/s in November with initial deployment of miners to Stronghold Digital Mining’s sites in Pennsylvania under the hosting agreements announced in September and October 2024. With these two hosting agreements, supporting a total of approximately 4 EH/s, nearly 75% of Bitfarms’ hashrate is expected to come from North American data centers by the first half of 2025, re-affirming the Company’s commitment to grow in the U.S.
In November, Bitfarms also upgraded nearly 19,000 T21 miners to S21 Pro miners with delivery anticipated in December and January. These newer, more efficient miners will support improved efficiency of 19 w/TH, a nearly 10% improvement from current efficiency, in the first half of 2025.
CEO Ben Gagnon stated, “By redirecting our miners to be deployed in the United States, we have best matched our miners with the underlying electricity economics across our large portfolio of flexible MWs. With demand for immediate capacity for both HPC/AI and BTC mining surging and based on discussions with strategic partners, I am confident that our energy portfolio of over 950 MW in 2025 gives us unparalleled flexibility to take advantage of strategic opportunities in both HPC/AI and BTC mining.”
In addition, Bitfarms conducted its Special Meeting of shareholders on November 20, resulting in shareholder approval of the expansion of the Board of Directors from five to six members and the appointment of Andrew J. Chang as an Independent Director. The Board is now comprised of six members, five of whom are independent.
Lastly, Bitfarms announces that Benoit Gobeil, Chief Infrastructure Officer, resigned from the Company effective at the end of November. During his tenure, Mr. Gobeil played a key role in scaling Bitfarms data center facilities across North and Latin America.
CEO Ben Gagnon concluded, “Benoit has been with Bitfarms since 2018 and has been an important member of our leadership team. Over the years, he built an infrastructure team around him that we believe is best-in-class in designing, constructing, and maintaining high- performing Bitcoin data centers. With this team in place, I am confident of a smooth transition as we expedite the recruitment process for a replacement. As we look to fill this role, we believe this is an opportunity to further strengthen our team and bring in someone with HPC/AI and U.S.-based data center construction management experience. The entire Bitfarms team is grateful for Benoit’s dedication and contributions, and we wish him success with his future endeavors.”
Mining Review
November mining operations generated 204 BTC compared to 236 BTC in October, reflecting a 1% increase in average operating EH and a 7% increase in Bitcoin difficulty.
| Key Performance Indicators | November 2024 |
October 2024 |
November 2023 |
| Total BTC earned | 204 | 236 | 392 |
| Month End Operating EH/s | 12.8 | 11.5 | 6.4 |
| BTC/Avg. EH/s | 19 | 22 | 66 |
| Average Operating EH/s | 10.7 | 10.6 | 5.9 |
| Operating Capacity (MW) | 324 | 310 | 240 |
| Hydropower (MW) | 256 | 256 | 186 |
| Watts/Terahash Efficiency (w/TH) | 21 | 21 | 35 |
| BTC Sold | 171 | 194 | 350 |
November 2024 Select Operating Highlights
- 12.8 EH/s operational at November 30, 2024, up 100% Y/Y and up 11% M/M.
- 10.7 EH/s average operational, up 81% Y/Y and up 1% M/M.
- 19 BTC/average EH/s, 14% lower M/M and 71% lower Y/Y.
- 204 BTC earned, 14% lower M/M and 48% lower Y/Y.
- 6.8 BTC earned daily on average, equal to ~$660,000 per day based on a BTC price of $97,000 at November 30, 2024.
Bitfarms’ BTC 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 |
| November | 204 | 392 |
| YTD Totals | 2,700 | 4,482 |
November 2024 Financial Update
- Sold 171 of the 204 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $14.6 million.
- Added 33 BTC to Treasury from mining operations and transferred 351 Bitcoin to Bitmain in accordance with the miner upgrade agreement announced on November 12. Under the terms of the agreement, Bitmain will upgrade 18,853 Bitmain T21 miners to S21 Pro miners for an incremental cost of $33.2 million paid in Bitcoin with the option for the Company to redeem the Bitcoin for cash in four quarterly payments at a fixed Bitcoin price of ~$94,600, the price of Bitcoin at the time the Bitcoin was originally tendered. Reflecting the transfer of Bitcoin to Bitmain, Bitfarms Treasury at November month-end was 870 Bitcoin, down from 1,188 last month and representing $84.4 million based on the Bitcoin price of $97,000 at November 30, 2024.
- Synthetic HODL™ of 584 long-dated BTC call options at November 30, 2024, down from 802 at the end of the prior month.
Upcoming Conferences and Events
- December 4: B. Riley Crypto & Energy Infrastructure Conference (NYC)
- December 12: Northland Growth Conference (Virtual)
- January 14-15, 2025: Needham Growth Conference (NYC)
