Bitfarms Ltd T.BITF

BITF ARTICLE FROM MAR 1? UPDATE (

[Humanist]

GOOD READ /LOTS OF INFO 


Bitfarms Earns 300 BTC in February 2024; Provides Update on Fleet Upgrade

https://finance.yahoo.com/news/bitfarms-earns-300-btc-february-120000121.html
 

• BITF

-8.19%
Bitfarms Ltd.
Fri, March 1, 2024 at 7:00 AM EST
In this article:

•  

·       BITF
-9.21%
Watchlist
Watchlist

Pattern
Bearish


Bitfarms Ltd.
- 12 Bitmain T21 miners installed and testing above specifications -
- Executing towards targets of 12 EH/s and 25 w/TH by end of Q2 2024 and 21 EH/s by end of 2024 -
TORONTO, Ontario and BROSSARD, Qubec, March 01, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: TSX: BITF), a global vertically integrated Bitcoin mining company, provides a February monthly production report as well as an update on its fleet upgrade.

Fleet Upgrade Review
Geoff Morphy, President and Chief Executive Officer of Bitfarms, said, “As a critical component to our growth, we are executing well against our transformational fleet upgrade and our target of 21 EH/s by year-end 2024. We expect the upcoming deliveries of more high efficiency Bitman T21 miners to begin operating at our Qubec farms in March. Based on the installation schedule, we anticipate an immediate 8% increase in hashrate to 7 EH/s and 11% improvement in energy efficiency to 31 w/TH.”
“I personally inspected the development in Paso Pe, Paraguay, about two weeks ago. Our incredible team continues to deliver, and I am thrilled at the progress being made. The installation of eight hydro containers and 1,920 hydro miners is well underway. Four air-cooled warehouses are nearly built and almost ready to receive the initial shipment of T21 miners. We anticipate the first miners to be energized in mid-March. Upon completion, we expect Paso Pe to contribute approximately 3.2 EH/s with an expected efficiency of 24 w/TH to meet our guidance of 12 EH/s by the end of Q2 2024,” Morphy added.

“At Yguazu, Paraguay, we signed the engineering, procurement, and construction contract for the ANDE substation that is required to energize our new 100 MW hydro-powered project. This is expected to contribute roughly 3 EH/s at 22 w/TH efficiency, which contributes to our target hashrate of 17 EH/s in H2 of 2024 achieved through the miner purchases already announced. Combined with stated expansion, the option of miner redeployments and a few key opportunistic acquisitions, we are aiming for 21 EH/s by year-end 2024,” Morphy explained.

Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In mid-February, we received 12 Bitmain T21 miners that we installed in Qubec for testing. During the initial two weeks, the miners proved highly efficient and, in fact, are outperforming the manufacturer’s specs in both normal and high-energy modes at this time. With that initial performance data, we are even more excited about deploying our strategic fleet upgrade program to achieve our hashrate goals.”

Mining Review
February mining operations generated 300 BTC compared to 357 BTC in January, reflecting participation in grid-stabilizing curtailment programs, fewer production days in February and 16.2% increased difficulty during the month. In the last few hours of February, there was a difficulty decrease of 2.9% to start the month of March.

Key Performance Indicators	February 2024	January 2024	February 2023
Total BTC earned	300	357	387
Month End Operating EH/s	6.5	6.5	4.7
BTC/Avg. EH/s	49	60	91
Average Operating EH/s	6.1	5.9	4.3
Operating Capacity (MW)	240	240	188
Hydropower MW	186	186	178
Watts/Terahash Efficiency (w/TH)	35	35	39
BTC Sold	300	357	387

February 2024 Select Operating Highlights

• 6.5 EH/s online as of February 29, 2024, up 38% from February 28, 2023, and unchanged from January 31, 2024.
• 6.1 EH/s average online, up 3.4% from January 2024.
• 49.2 BTC/average EH/s, down 18.8% from 60.6 in January 2024.
• 300 BTC earned, 16% lower than January 2024 and 22% lower than February 2023.
• 10.3 BTC earned daily on average, equal to approximately $648,900 per day based on a BTC price of $63,000 at February 29, 2024.
• In Quebec, installed 12 Bitmain T21 miners, which in 2 weeks of testing are performing above manufacturer’s specifications.
• In Paraguay,
  • 80 MW main transformer is en route to the new Paso Pe farm.
  • Signed engineering procurement and construction contract for the high-voltage interconnection to the ANDE substation and to the transmission line to energize the new 100 MW hydro-powered project at Yguazu.

Bitfarms’ BTC Monthly Production

Month	BTC Earned 2024	BTC Earned 2023
January	357	486
February	300	387
YTD Totals	657	873

February 2024 Financial Update

• Sold 300 BTC of the 300 BTC earned, generating total proceeds of $15.1 million.
• Maintained BTC held in treasury at 804, representing approximately $50.7 million based on a BTC price of $63,000 at February 29, 2024.
• Held Synthetic HODL™ of 135 long-dated BTC call options at February 29, 2024.
• Paid off $2.0 million of indebtedness, eliminating our remaining debt balance.

About Bitfarms Ltd