Bitfarms Ltd. has announced significant improvements in its production and operations for December 2024. The company achieved a 97% year-over-year increase in hashrate, reaching 12.8 EH/s, and enhanced efficiency by 40% to 21 watts per terahash. For the full year, Bitfarms earned 2,914 BTC and expanded its operational capacity by 35% to 324 MW. CEO Ben Gagnon emphasized the transformative progress made in 2024, despite not meeting initial growth targets, highlighting the planned acquisition of Stronghold Digital Mining, which aims to bolster its U.S. operations. The company enters 2025 with robust liquidity and a strong foundation for future growth and diversification in energy and computing sectors.
Bitfarms, a leading player in Bitcoin mining, has released an impressive production and operations update for December 2024. Here are the key highlights that investors and Bitcoin enthusiasts should know about.
In December, Bitfarms achieved a remarkable 97% increase in hashrate year-over-year, reaching 12.8 EH/s. This boost in mining capability was coupled with a 40% improvement in operational efficiency, now standing at 21 watts per terahash (w/TH). The company earned a total of 2,914 BTC throughout 2024 and expanded its operational capacity by 35% to 324 MW.
One of the most significant developments is the anticipated acquisition of Stronghold Digital Mining, which is expected to enhance Bitfarms’ energy portfolio and operational strength in the U.S. Market. This acquisition is on track to close in the first quarter of 2025 and aligns with Bitfarms’ strategy to tap into the growing demand for high-performance computing (HPC) and artificial intelligence (AI).
CEO Ben Gagnon expressed optimism about the company’s trajectory, stating that Bitfarms is entering 2025 as a more diversified firm with ample opportunities in both Bitcoin mining and beyond. The company’s liquidity as of December 31, 2024, stands impressively at over $145 million, allowing for strategic capital-raising efforts to support future growth.
In December, the company’s mining operations earned a total of 211 BTC, which is an increase from the previous month. This continues the trend of Bitfarms enhancing its operational capabilities while managing Market challenges.
Upcoming conferences include the Needham Growth Conference in January and the AGP Virtual Tech Conference in February, where Bitfarms is expected to share more insights about its future plans.
To learn more about Bitfarms’ operations and updates, visit their official website.
This update highlights Bitfarms’ continual growth and its position as a leading Bitcoin miner in a rapidly evolving sector.
Primary keyword: Bitfarms
Secondary keywords: Bitcoin mining, operational efficiency, Stronghold Digital Mining
Tags: Bitcoin, Bitfarms, cryptocurrency news, mining operations, financial updates
What did Bitfarms announce for December 2024?
Bitfarms shared an update on its production and operations for December 2024. They reported on their mining activities and how many bitcoins they produced. The update helps investors understand the company’s performance and future plans.
How many bitcoins did Bitfarms produce in December 2024?
In December 2024, Bitfarms produced a specific number of bitcoins, showing their mining efficiency. They often compare this number to previous months to highlight growth or changes in operations.
What is Bitfarms’ strategy for future growth?
Bitfarms aims to expand its operations by investing in new technologies and increasing its mining capacity. They plan to stay competitive in the cryptocurrency Market and improve their production efficiency.
How does Bitfarms handle energy costs?
Bitfarms focuses on using renewable energy sources to keep electricity costs low. This helps them maintain profitability while mining bitcoins, which is crucial for their long-term success.
Where can I find more information about Bitfarms updates?
You can find more information about Bitfarms’ production updates and other news on their official website or through financial news platforms. Staying updated will help you understand the company’s progress and future direction.
