- Crypto stock Bitfarms (TSX:BITF) has reached its previously stated goal of a hashrate of 7 exahash per second after installing over 5,000 Bitmain T21 miners in Quebec
- The company held 806 Bitcoins in treasury as of March 2024, which is equivalent to about US$57 million at Friday’s price
- Bitfarms is a global Bitcoin mining company operating 11 facilities and developing two others across Canada, the United States, Paraguay and Argentina
- Bitfarms stock has added 79.45 per cent year-over-year, but only 20.18 per cent over the past five years
Crypto stock Bitfarms (TSX:BITF) has reached its previously stated goal of a hashrate of 7 exahash per second (EH/s) after installing over 5,000 Bitmain T21 miners in Quebec.
The company installed 3,168 T21s at its Garlock farm, while it installed 1,710 T21s and 100 M53S+ hydro miners at its Farnham farm, with over 30,000 T21s scheduled to be delivered to existing operations across the world in Q2 2024.
The upgrade also improves Bitfarms’ corporate energy efficiency by 9 per cent to 31 Watts/Terahash (w/TH), beginning to deliver on the expansion plan delineated in the company’s March 2024 production and operations report, which saw it increase Bitcoins in treasury to 806 (approx. US$57 million at Friday’s price), while accumulating US$123 million in liquidity and enough new miners to reach 21 EH/s by year-end to continue capitalizing on the ongoing crypto bull market.
Bitcoin is up by 137 per cent year-over-year, propelled by the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. back in Jan. 2024, which have attracted tens of billions in assets under management, setting a precedent for ETFs holding Ethereum, the second-largest cryptocurrency after Bitcoin, to potentially hit the market later this year.
Management insights
“Our Bitmain miner installations kickstart our transformative fleet upgrade and have improved energy efficiency by approximately 51 per cent at both our Garlock and Farnham farms,” Geoff Morphy, Bitfarms’ president and outgoing chief executive officer, said in a statement. “The 51 per cent improvement in site energy efficiency demonstrates the transformative nature of our upgrade plan and how well it positions Bitfarms leading into and after the upcoming halving event.”
“Leveraging our existing facilities and the strength of our operations team, Bitfarms has already energized over 5,000 T21s with installations at our third location underway,” added Ben Gagnon, Bitfarms’ chief mining officer. “As we deploy an additional 30,000 miners this quarter, we expect to drive rapid increases in both our hashrate and energy efficiency, while executing towards our 12 EH/s and 21 EH/s targets in 2024.”
About Bitfarms
Bitfarms is a global Bitcoin mining company operating 11 facilities and developing two others across Canada, the United States, Paraguay and Argentina.
Bitfarms stock (TSX:BITF) last traded at C$2.62 per share. The stock has added 79.45 per cent year-over-year, but only 20.18 per cent over the past five years.
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