Bitfarms Ltd., a premier Bitcoin mining enterprise, reported a modest reduction in its Bitcoin production for March 2024, producing 286 BTC, down 5% from February and 33% year-on-year. The decline was due to various factors including grid management participation, maintenance in Argentinian power plants, and upgrade-induced downtime, despite ongoing efforts to enhance and expand operations.
However, the company witnessed operational efficiencies, evidenced by a 2% improvement in Bitcoin yield per EH/s. Bitfarms’ strategic focus remains on its 2024 roadmap to escalate its hash rate to 21 EH/s, augment operational capacity to 440 MW, and enhance fleet efficiency significantly.
During March, Bitfarms not only increased its mining capacity by acquiring 1,656 new Bitmain T21 miners but also exercised options and made additional purchases, substantially boosting its mining arsenal in anticipation of the upcoming “Halving” event. The company’s proactive approach in expanding its miner fleet at competitive prices reflects its ambition to maintain a leading edge in the industry.
In Paraguay, Bitfarms is extending its mining infrastructure, notably with an 80 MW transformer installation at the Paso Pe facility, enhancing its operational power. Further, the arrival of new Bitmain T21 and M53S+ Hydro Miners is set to significantly amplify its mining capabilities.
These strategic moves, coupled with substantial hardware acquisitions, underscore Bitfarms’ commitment to dominating the Bitcoin mining sector with one of the most modern and efficient fleets, aligning with its expansive vision for 2024.
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