- Bitfarms mined 286 BTC in March, down from 300 in February.
- Bitfarms’ fleet upgrade targets 21 EH/s and 21 W/TH efficiency.
- Bitfarms sold 284 BTC, increasing treasury holdings to 806 BTC.
Bitfarms Ltd. (BITF), a major global Bitcoin mining company, reported a modest decline in BTC production for March 2024 while continuing to expand and upgrade its mining operations.
The company mined 286 BTC in March, compared with 300 BTC in February. Several operational factors contributed to the reduction, including participation in grid-stabilizing curtailment programs and scheduled power plant maintenance in Argentina. A temporary dip in average operating exahashes per second (EH/s) and a 4.8% month-over-month increase in network difficulty also weighed on output.
Fleet upgrade and expansion plan
Despite the lower monthly yield, Bitfarms remains focused on improving its mining capacity and efficiency. The company is executing a fleet upgrade aimed at reaching 21 EH/s and achieving an energy efficiency target of 21 W per terahash (W/TH) during 2024.
To reach these targets, Bitfarms has invested in new hardware, including the purchase of 28,000 Bitmain T21 miners and additional S21 and S21 Hydro units. These acquisitions are intended to boost hashing power and lower power consumption per unit of work, which could improve margins as Bitcoin market conditions evolve.
Financial position and outlook
In March, Bitfarms sold 284 of the 286 BTC generated, realizing approximately $19.2 million in proceeds. Following these sales, the company reports a BTC treasury balance of 806 BTC, valued at roughly $56.7 million at the reported valuation.
Bitfarms also holds Synthetic HODL™ exposure in the form of 85 long-dated BTC call options and maintains about $66 million in cash, for combined liquidity near $123 million. These resources provide flexibility to support operations and capital expenditures tied to fleet expansion.
The company plans to remain active in industry forums and policy discussions, with participation scheduled at events such as DigitalABC’s First Annual Canadian Crypto Asset and Blockchain Policy Conference and the Bitcoin Policy Summit. Management emphasizes continued investment in capacity and efficiency as central to its strategy.
With ongoing hardware upgrades, a growing installed base, and a focus on operational improvements, Bitfarms aims to strengthen its position in a competitive and evolving Bitcoin mining sector while navigating short-term production variability driven by grid participation and maintenance cycles.