Bitfarms Ltd. (TSE:BITF) has released an update.
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Bitfarms Ltd. has reported a promising start to 2024 with revenue jumping to $50 million, a 67% increase year-over-year, alongside a gross mining margin improvement to 59%. The company is rapidly expanding its mining capacity, securing an additional 24,000 miners and boosting its hashrate to 7.0 EH/s, keeping it on track for a projected 21 EH/s hashrate and improved efficiency by year’s end. Additionally, Bitfarms has secured a significant tax refund, enhancing its financial flexibility to support ongoing growth efforts.
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