Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin mining, has released its December 2024 production report. The company achieved significant milestones, including a 97% year-over-year (Y/Y) increase in hashrate and 40% Y/Y improvement in energy efficiency. Here’s a detailed breakdown of their performance and strategic initiatives.
Key Highlights
- Hashrate Growth: Reached 12.8 EH/s, up 97% Y/Y.
- Energy Efficiency: Improved to 21 w/TH, down 40% Y/Y.
- BTC Production: Earned 2,914 BTC in 2024, with 211 BTC mined in December.
- Operational Expansion: Increased capacity to 324 MW, up 35% Y/Y.
- Strategic Acquisition: Stronghold Digital Mining acquisition on track to close in Q1 2025.
CEO Commentary
Ben Gagnon, CEO of Bitfarms, highlighted 2024 as a transformative year:
"We doubled our hashrate, upgraded 11 data centers, and strengthened our leadership team. The Stronghold acquisition will diversify our energy portfolio and expand our U.S. footprint, targeting up to 1.6 GW of capacity."
Jeff Lucas, CFO, emphasized financial discipline:
"Our Synthetic HODL program generated $18 million in profits** with a **135% return**. We enter 2025 with **$147 million in liquidity."
Mining Performance
| Metric | December 2024 | November 2024 | December 2023 |
|---|---|---|---|
| BTC Earned | 211 | 207 | 446 |
| Avg. EH/s | 11.1 | 10.7 | 6.2 |
| Efficiency (w/TH) | 21 | 21 | 35 |
| Capacity (MW) | 324 | 324 | 240 |
- Daily BTC Production: ~6.8 BTC ($639,200/day at $94,000/BTC).
Financial Update
- BTC Sales: Sold 147 BTC for $14.3 million.
- Treasury: Added 64 BTC, totaling 934 BTC ($87.8 million).
- Liquidity: $147 million**, including **$60 million cash.
2024 BTC Production Summary
| Month | BTC Earned (2024) | BTC Earned (2023) |
|---|---|---|
| January | 357 | 486 |
| December | 211 | 446 |
| Total | 2,914 | 4,928 |
Strategic Priorities for 2025
- Complete Stronghold Acquisition: Enhance U.S. presence and energy diversification.
- Expand HPC/AI Capabilities: Leverage high-potential sites for long-term growth.
- Optimize Capital Deployment: Focus on high-return projects with minimal dilution.
👉 Explore Bitfarms’ latest initiatives
FAQs
Q: What is Bitfarms’ hashrate target for 2025?
A: Bitfarms aims to scale its hashrate further, leveraging the Stronghold acquisition to reach multi-GW capacity.
Q: How does the Synthetic HODL program work?
A: It uses financial instruments to create BTC exposure, generating $18 million in profits since inception.
Q: What regions will Bitfarms focus on post-acquisition?
A: The U.S. (PJM region) and Canada, targeting 66% U.S. energy portfolio by 2026.
👉 Learn more about Bitfarms’ energy strategy
Glossary
- EH/s: Exahash per second (mining power).
- w/TH: Watts per terahash (energy efficiency).
- PJM: Regional energy grid covering 13 U.S. states.
Forward-looking statements apply. See full release for details.
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