May 25, 2024
Bitcoin Halving

Bitcoin Halving Impact: Bitfarms’ Lowest Earnings in Two Years

Bitfarms, a leading Bitcoin mining firm, has reported its lowest monthly earnings in over two years following the impact of the fourth Bitcoin halving.

The company earned 269 Bitcoin in mining rewards and transaction fees in April 2024, signaling a significant downturn in its profitability.

Triple Hash Rate Capacity Upgrade in Progress

To combat the challenges posed by reduced rewards, Bitfarms is in the midst of a $240 million upgrade for its Bitcoin mining equipment.

Monthly BTC earnings of Bitfarms in 2022 and 2023. Source: Bitfarms

This extensive upgrade involves the acquisition of 88,000 highly efficient Bitcoin miners, which will triple Bitfarms’ current hash rate capacity to 21 exahashes per second (EH/s).

Energy Efficiency Improvements and VAT Refund

Despite the downturn, Bitfarms showed a silver lining in its April production update. The company improved its corporate energy efficiency by 9% to 31 watts per terahash (w/TH).

Additionally, Bitfarms expects a $23.7 million value-added tax (VAT) refund from Canada. Ben Gagnon, Bitfarms’ chief mining officer, highlighted the company’s efforts, stating:

“In April, we fully upgraded two farms in Québec (Canada) with Bitmain T21 miners, improving energy efficiency by 51% at those farms and 9% on a company-wide basis.”

The impact of the Bitcoin halving was further compounded by a 5.9% increase in network difficulty compared to March, affecting the earnings of all miners. Bitfarms faced additional challenges with ongoing turbine maintenance in Argentina, temporarily lowering its monthly mining capacity.

Despite the setbacks, Bitfarms remains optimistic about its future prospects. In April, the company earned 6% less BTC compared to the previous month and experienced a 29% decrease year-over-year.

However, with daily earnings of approximately $551,700 based on a BTC price of $61,300 on April 30, 2024, Bitfarms continues to navigate the evolving landscape of Bitcoin mining.

Furthermore, in the first three months of 2024, Bitfarms earned 357 BTC, 300 BTC, and 286 BTC, respectively. On top of that, Bitfarms’ treasury also raised its Bitcoin holdings from 806 BTC to 830 BTC in April.

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