Summary by Moomoo AI
Bitfarms reported Q3 2024 revenue of $44.9M and a net loss of $36.6M. The company mined 703 BTC during the quarter, with operations spanning across Canada, USA, Argentina and Paraguay. Energy and infrastructure costs were $26.7M, while depreciation and amortization expenses reached $28.8M.The company executed a transformative fleet upgrade, ordering over 50,000 new miners including Bitmain T21, S21, and S21 hydro models. This resulted in accelerated depreciation of $74.6M on older miners during the first nine months of 2024. Additionally, Bitfarms received a significant Canadian sales tax refund of $24.4M during the period.In August 2024, Bitfarms announced plans to acquire Stronghold Digital Mining in a stock-for-stock merger valued at approximately $125M plus $50M debt repayment. The company also secured new hosting agreements and expanded its ATM program, raising $248.1M in gross proceeds during the first nine months of 2024.
