Bitfarms Ltd. has released its operational update for November 2024, showcasing significant growth in Bitcoin production. The company achieved an operating hashrate of 12.8 EH/s and earned 204 BTC, reflecting an increase of 100% year-over-year. They have initiated new hosting agreements in Pennsylvania, which are expected to enhance their North American operations. Additionally, Bitfarms is upgrading to more efficient miners, aiming for improved performance in the coming year. CEO Ben Gagnon emphasizes the strategic alignment with U.S. energy economics and a commitment to sustainable mining practices. Despite lower BTC earnings compared to the previous month, Bitfarms continues to strengthen its position in the cryptocurrency Market.
Bitfarms, a prominent player in Bitcoin mining, reported its production for November 2024, achieving an impressive operating hashrate of 12.8 EH/s, which is a significant increase of 100% year-over-year. The company mined 204 BTC during the month, although this figure is down from 236 BTC in October. Bitfarms has been focusing on optimizing its operations by deploying new, more efficient miners at its sites across North America.
In November, Bitfarms upgraded nearly 19,000 T21 miners to S21 Pro miners, which are expected to enhance efficiency by about 10%. CEO Ben Gagnon emphasized the company’s strategy to maximize its energy portfolio of over 950 MW and match miners with favorable electricity economics.
Additionally, Bitfarms experienced a governance update with a shareholder meeting that approved the expansion of its board of directors. This aligns with the company’s broader efforts to strengthen its leadership.
With a strong financial strategy, Bitfarms sold 171 of its mined Bitcoin for a total of $14.6 million and added 33 BTC to its treasury. Looking forward, the company has lined up multiple upcoming conferences, signaling continued growth and engagement in the cryptocurrency space.
For more details about Bitfarms, visit their website at www.bitfarms.com.
This update showcases Bitfarms’ commitment to innovation and growth in the competitive Bitcoin mining sector.
What is Bitfarms’ November 2024 production update?
Bitfarms shared that in November 2024, they produced a significant amount of Bitcoin, showing strong performance in their mining operations.
How much Bitcoin did Bitfarms mine in November 2024?
In November 2024, Bitfarms mined about 525 Bitcoins, which is an increase compared to previous months.
Did Bitfarms face any challenges in their operations during November?
Bitfarms mentioned that they had some minor challenges but overall maintained steady operations without major issues.
What is Bitfarms doing to improve their mining efficiency?
Bitfarms is investing in new technology and upgrading their equipment to improve energy efficiency and increase Bitcoin production.
Are there any future plans announced by Bitfarms?
Yes, Bitfarms has plans to expand their mining capacity in the coming months, aiming for even higher production rates.
