Bitfarms produces 446 bitcoin in December

Bitfarms provides an update for the month and year ended December 31, 2023. December production of 446 BTC represented an increase of 13.8% from November as high uptime and a surge in transaction fees of 465% offset a network difficulty increase of 6.0% during the month. For the year ended December 31st, network difficulty increased 103.6% while the BTC price was up approximately 156.8%, resulting in a 61.4% improvement in YOY production economics as measured by USD/TH/day. “In 2023, we executed our growth plan and laid the groundwork for aggressive growth in 2024. We finished the year with $118 million in liquidity, low-cost power contracts for up to 593 MW and a miner purchase agreement for up to 63,888 new Bitmain miners in 2024,” said Geoff Morphy, CEO of Bitfarms. “Nearly 70% of new miners will be deployed in our existing US and Canadian farms with the remaining miners earmarked for the Paso Pe, Paraguay expansion, which is currently running ahead of schedule. We are well underway to achieve our Q2 2024 goals of 12 EH/s and 310 MW operating capacity, which would represent increases of 85% and 29%, respectively, compared to year-end 2023. Additionally, we maintain optionality under the contract with the potential to achieve 17 EH/s and 23 w/TH fleet efficiency before the end of 2024.