Welcome to our dedicated page for Bitfarms news (Ticker: BITF), a resource for investors and traders seeking the latest updates and insights on Bitfarms stock.
Bitfarms Ltd. (BITF) operates at the forefront of cryptocurrency mining and blockchain infrastructure across North and South America. This dedicated news hub provides investors and industry observers with timely updates on operational milestones, strategic partnerships, and technological advancements from one of the sector's most vertically integrated companies.
Discover official press releases covering earnings results, facility expansions, and energy management innovations alongside analysis of market developments impacting BITF's operations in Canada, the United States, Argentina, and Paraguay. The curated collection emphasizes the company's unique integration of data center operations with renewable energy solutions.
Key updates include developments in computational efficiency, mining capacity growth, and blockchain ecosystem contributions. All content maintains strict adherence to factual reporting without speculative commentary, serving both casual observers and professional analysts.
Bookmark this page for streamlined access to BITF's evolving story in the cryptocurrency sector. Check regularly for authoritative updates directly from corporate communications and verified industry sources.
Bitfarms reported its Q1 2024 results, revealing a revenue of $50 million, up 9% quarter-over-quarter (QoQ) and 67% year-over-year (YoY). The gross mining margin rose to 59% from 52% in Q4 2023. The company secured an additional 24,000 miners in March, bringing the total to 88,000 for 2024. Bitfarms' current hashrate is 7.0 EH/s, up from 6.5 EH/s at the end of last year, progressing towards a 2024 guidance of 21 EH/s and 21 w/TH.
During this quarter, Bitfarms doubled its power capacity in Paraguay to 200 MW and plans to increase its total managed megawatts by 23% by 2025. The company experienced a net loss of $6 million, an improvement from a $57 million loss in Q4 2023. Adjusted EBITDA increased to $21 million, driven by higher average BTC prices. As of March 31, 2024, Bitfarms had total liquidity of $124 million, including $66 million in cash.
Operating and financial highlights include an operating loss of $24 million and the recovery of $24 million in VAT from Canadian tax authorities. Bitfarms sold 941 BTC at an average price of $52,700, generating $50 million in proceeds in Q1 2024.
Bitfarms (BITF) has doubled its Yguazu power capacity in Paraguay from 100 MW to 200 MW through an amendment to its Power Purchase Agreement with ANDE, Paraguay's state-owned utility.
This sustainable hydropower, scheduled for deployment in 2025, will be provided at a low cost of approximately 3.9 cents per kWh, with no annual inflation adjustments.
The construction began in March and includes major contracts and equipment orders.
This expansion is expected to increase Bitfarms' 2025 megawatts under management by 23%, from 428 MW to 528 MW, leveraging cost efficiencies from existing plans.
Paraguay represents a significant growth opportunity for Bitfarms, with 270 MW of infrastructure expansion planned at Paso Pe and Yguazu farms.
Bitfarms rescheduled its first quarter conference call to May 15th at 8:00 am ET, where it will report Q1 2024 results. The call will be accessible via phone and webcast, with a presentation available beforehand on the Investor website. An audio replay will be available until June 3, 2024.
Bitfarms announces the termination of CEO Geoffrey Morphy and the appointment of Nicolas Bonta as interim CEO. Morphy filed a claim against the Company, seeking damages of USD$27 million, which Bitfarms believes are without merit. The CEO executive search is nearing completion, with a new CEO expected to be appointed in the coming weeks.
Bitfarms , a global Bitcoin mining company, earned 269 BTC in April 2024, improved energy efficiency by 9%, and expects to reach 21 EH/s and 21 w/TH in 2024. The company anticipates a VAT refund of US $23.7M from Canada. Fleet upgrades are progressing well, with the company on track to achieve its targets. April mining operations generated 269 BTC, impacted by the BTC Halving and network difficulty increase. Bitfarms sold 245 BTC, increasing treasury holdings to 830 BTC.
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