Bitfarms Ltd., a global leader in vertically integrated Bitcoin data center operations, is pleased to announce its latest monthly production report. All financial references are in U.S. dollars.
Ben Gagnon, Chief Executive Officer of Bitfarms, stated, “We are pleased to have reached our end-of-year efficiency goal of 21 w/TH three months ahead of schedule, allowing us to expect an increase in gross data center profitability with current mining economics. We drove a 16% increase in energy efficiency in September by swapping out thousands of miners and implementing energy efficiency measures across our facilities.”
On September 13, 2024, Bitfarms announced a hosting agreement with Stronghold Digital Mining, Inc. that will accelerate the deployment of 10,000 Bitmain T21 miners, originally scheduled for Yguazu, Paraguay. These miners will bring an immediate anticipated increase of ~2.2 EH/s to Bitfarms’ operational capacity when deployed to Stronghold’s Panther Creek site, which is expected to be energized in the coming weeks.
Additionally, on September 23, 2024, Bitfarms entered into a settlement agreement with Riot Platforms Inc. in advance of the Special Meeting of Bitfarms Shareholders (the “Special Meeting”). The Special Meeting, which was originally scheduled to be held on November 6, 2024, has been rescheduled to November 20, 2024.
Gagnon concluded, “We remain on track to achieve 21 EH/s in the coming months and to double our operating capacity in 2025 with nearly 50% pro forma power capacity based in the U.S. We are pleased to have reached an agreement with Riot which allows us to focus our full attention on executing our growth strategy and creating value for shareholders.”
Mining Review
Bitcoin difficulty increased 1.2% in the month. As a result, September mining operations generated 217 BTC compared to 233 BTC in August.
| Key Performance Indicators | September 2024 | August 2024 | September 2023 |
| Total BTC earned | 217 | 233 | 411 |
| Month End Operating EH/s | 11.3 | 11.3 | 6.1 |
| BTC/Avg. EH/s | 21 | 22 | 70 |
| Average Operating EH/s | 10.3 | 10.4 | 5.8 |
| Operating Capacity (MW) | 310 | 310 | 233 |
| Hydropower (MW) | 256 | 256 | 183 |
| Watts/Terahash Efficiency (w/TH) | 21 | 25 | 36 |
| BTC Sold | 173 | 147 | 362 |
September 2024 Select Operating Highlights
- 11.3 EH/s operational at September 30, 2024, up 85% Y/Y.
- 10.3 EH/s average operational, up 78% Y/Y and down 1% M/M.
- 21.1 BTC/average EH/s, down 6% from the previous month due to the increase in average network difficulty.
- 217 BTC earned, 7% lower M/M and 47% lower Y/Y.
- 7.2 BTC earned daily on average, equal to ~$461,000 per day based on a BTC price of $64,000 at September 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 |
| YTD Totals | 2,260 | 3,692 |
September 2024 Financial Update
- Sold 173 of the 217 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $10.5 million.
- Total liquidity of $146 million, including $73 million in cash at September 30, 2024.
- Added 44 BTC, bringing Treasury to 1,147 BTC, up from 1,103 BTC last month and representing $73.4 million based on a BTC price of $64,000 at September 30, 2024.
- Synthetic HODL™ of 602 long-dated BTC call options at September 30, 2024.
- The employment dispute with the former CEO has been settled.
Upcoming Conferences and Events
- October 21-22: AIM Summit (Dubai)
- November 13-14: Cantor Crypto, Digital Assets & AI Infrastructure Conference (Miami)
- November 20: Special Meeting of Bitfarms Shareholders (Virtual)
- December 12: Northland Growth Conference (Virtual)
- January 14 & 15, 2025: Needham Growth Conference (NYC)
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global vertically integrated Bitcoin mining data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
