The post Bitfarms Reports June 2024 Bitcoin Production and Operational Advances appeared on BitcoinEthereumNews.com.

Bitfarms Ltd. (NASDAQ/ TSX: BITF), a global vertically integrated Bitcoin (BTC) mining company, has released its production and operations update for June 2024. The company earned 189 BTC during the month and significantly increased its installed hashrate to 11.4 EH/s, with 10.4 EH/s operational, according to Globe Newswire. Operational Efficiency and Expansion Bitfarms has improved its energy efficiency to 25 watts per terahash (w/TH), marking a 36% year-over-year (Y/Y) and 7.4% month-over-month (M/M) increase. The company’s Chief Mining Officer, Ben Gagnon, highlighted the completion of upgrades at all Quebec facilities, which have expanded hashrate and enhanced energy efficiency and gross mining margins. In Paraguay, Bitfarms’ Paso Pe facility has energized four of its five warehouses and six of its eight hydro containers, contributing 2.5 EH/s with an additional 0.6 EH/s expected to be energized in July. However, severe weather in June caused moderate delays and temporary underperformance of miners. Strategic U.S. Expansion Bitfarms has entered a new agreement to develop a 120 MW site in Sharon, Pennsylvania. This site is strategically located within the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the largest wholesale electricity market in the U.S. The site is expected to provide competitively priced electricity and opportunities for demand response and curtailment programs, making it suitable for high-intensity computing beyond Bitcoin mining, including high-performance computing (HPC) and artificial intelligence (AI) services. Phillippe Fortier, SVP of Corporate Development, expressed confidence that the Sharon site will offer long-term access to low-cost U.S. energy and flexible power trading options. PJM’s shift from coal-powered plants to greener energy sources also aligns with Bitfarms’ commitment to environmental sustainability. Financial and Mining Highlights In June 2024, Bitfarms sold 134 out of the 189 BTC earned, generating $8.8 million in proceeds. The company reported total liquidity of $194 million, including $139 million in cash, and held 905…

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Filed under: News - @ July 2, 2024 10:20 pm