Bitfarms June 2024 Update: BTC Mining and Strategic Expansion

In June 2024, Bitfarms Ltd. BITF, a leading Bitcoin mining company, reported a productive month, having successfully mined 189 BTC, showcasing a significant contribution to the cryptocurrency sphere. The company, tracked under the ticker BITF on the NASDAQ, has become a notable player within the crypto mining industry. Simultaneously, Bitcoin itself, trading under the ticker CRYPTO:BTC, continues to be a focal point for investors in the digital currency market.

Hashrate and Efficiency Achievements

Bitfarms boasts an impressive increase in its installed hashrate, which reached 11.4 EH/s, with an operational hashrate of 10.4 EH/s. This expansion in hashrate signifies the company’s dedication to maintaining a substantial presence in the competitive mining sector. Bitfarms has also displayed a commitment to improving energy efficiency, achieving 25 w/TH—up by a substantial 36% year-over-year (Y/Y) and 7.4% month-over-month (M/M).

Strategic Developments and Growth Targets

As part of its strategic growth, Bitfarms has advanced its U.S. operations by establishing a 120 MW site, noting the potential for applications in high-performance computing (HPC) and artificial intelligence (AI). With an increased power capacity target, which now more than doubles to 648 MW, set for 2025, the company illustrates robust growth plans, aiming to solidify its place in the global market and ensure long-term sustainability and performance improvements.

BTC, hashrate, expansion