This Wall Road Bitcoin Miner Produced $192M Price of BTC in 2024

Publicly
listed Wall Road 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,
Alerts Main U.S. Market Push

The Bitcoin
mining operator reported a 97% year-over-year enhance in hashrate to 12.eight EH/s
and a 40% enchancment in effectivity to 21 watts per terahash. Regardless of these
good points, the corporate mined 211 Bitcoin in December, down from 446 in the identical
month final yr, reflecting elevated community issue and aggressive
pressures within the mining sector.

The
result was among the weaker ones throughout the year, with complete manufacturing
in 2024 amounting to 2,914 BTC, in comparison with 4,928 BTC in 2023. Nevertheless, the
common 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. Consequently, income from final yr’s mining reached $192 million, up
by $50 million.

Nevertheless,
the corporate is exploring methods to diversify, recognizing that cryptocurrency
mining is changing into more and more difficult.

“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 unique development targets, 2024 was transformative for our
operations and positioning.”

The
company’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 broaden Bitfarms’ presence in
the U.S. PJM energy market and enhance its potential capability to 1.6 gigawatts,
with roughly 66% situated in the US.

Chief
Monetary Officer Jeff Lucas highlighted the corporate’s sturdy 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.eight 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.three million in proceeds.

This text was written by Damian Chmiel at www.financemagnates.com.

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