Publicly listed Wall Avenue Bitcoin (BTC) miner Bitfarms (NASDAQ: BITF) ended 2024 with elevated mining hashrate and USD revenues, regardless of a 41% drop in manufacturing in comparison with the earlier yr.
Bitfarms Doubles Hashrate, Indicators Main U.S. Market Push
The Bitcoin mining operator reported a 97% year-over-year improve in hashrate to 12.8 EH/s and a 40% enchancment in effectivity to 21 watts per terahash. Regardless of these beneficial properties, the corporate mined 211 Bitcoin in December, down from 446 in the identical month final yr, reflecting elevated community problem and aggressive pressures within the mining sector.
The consequence was among the many weaker ones all year long, with whole manufacturing in 2024 amounting to 2,914 BTC, in comparison with 4,928 BTC in 2023. Nonetheless, the typical Bitcoin worth in 2024, at practically $66,000, considerably elevated the worth of mined Bitcoins in comparison with 2023, when the typical worth was slightly below $29,000. In consequence, income from final yr’s mining reached $192 million, up by $50 million.
Nonetheless, the corporate is exploring methods to diversify, recognizing that cryptocurrency mining is turning into more and more difficult.
Ben Gagnon, Supply: Bitfarms’ Web site
“We’re executing a strategic pivot from a world Bitcoin miner to a North American power and compute firm,” mentioned CEO Ben Gagnon. “Whereas we did not hit all our authentic progress targets, 2024 was transformative for our operations and positioning.”
The corporate’s pending acquisition of Stronghold Digital Mining, anticipated to shut in Q1 2025, represents the biggest merger between public Bitcoin mining firms so far. This deal will considerably develop Bitfarms’ presence within the U.S. PJM energy market and improve its potential capability to 1.6 gigawatts, with roughly 66% situated in the US.
Chief Monetary Officer Jeff Lucas highlighted the corporate’s robust liquidity place of $145 million at year-end, together with $60 million in money. The agency’s Artificial HODL program, launched in October 2023, generated roughly $18 million in buying and selling income with a 135% return in U.S. greenback phrases earlier than being closed out in December.
Bitfarms maintains a wholesome Bitcoin treasury of 934 BTC, valued at $87.8 million primarily based on the December 31 worth of $94,000. The corporate offered 147 BTC in December as a part of its common treasury administration, producing $14.3 million in proceeds.
