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Bitfarms | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC ·  Jul 2 04:05

Summary by Moomoo AI

Bitfarms Ltd., a global Bitcoin mining company, has released its June 2024 production and operations update. The company reported earning 189 BTC in June 2024, an increase from the previous month, and improved its installed hashrate to 11.4 EH/s with 10.4 EH/s operational. Energy efficiency was also enhanced to 25 w/TH, marking a 36% year-over-year and 7.4% month-over-month improvement. Bitfarms announced a strategic expansion in the U.S. with the development of a 120 MW site in Sharon, Pennsylvania, which is expected to support high-performance computing and AI services beyond Bitcoin mining. The company's 2025 power capacity target has been more than doubled to 648 MW from the current 310 MW, with a goal to achieve 35+ EH/s. The update also highlighted the...Show More
Bitfarms Ltd., a global Bitcoin mining company, has released its June 2024 production and operations update. The company reported earning 189 BTC in June 2024, an increase from the previous month, and improved its installed hashrate to 11.4 EH/s with 10.4 EH/s operational. Energy efficiency was also enhanced to 25 w/TH, marking a 36% year-over-year and 7.4% month-over-month improvement. Bitfarms announced a strategic expansion in the U.S. with the development of a 120 MW site in Sharon, Pennsylvania, which is expected to support high-performance computing and AI services beyond Bitcoin mining. The company's 2025 power capacity target has been more than doubled to 648 MW from the current 310 MW, with a goal to achieve 35+ EH/s. The update also highlighted the energization of the Paso Pe facility in Paraguay, contributing 2.5 EH/s, with the remainder to be operational in July. Despite severe weather causing moderate delays and underperformance, Bitfarms remains on track to deliver 21 EH/s and 21 w/TH in 2024. Financially, Bitfarms sold 134 of the 189 BTC earned for $8.8 million as part of its treasury management process, ending June with a total liquidity of $194 million, including $139 million in cash. The company's treasury held 905 BTC, valued at approximately $55.2 million based on the June 30 BTC price. The report also included information on upcoming conferences and events Bitfarms will participate in.

This announcement is a separate document:

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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