📰 Table Of Contents
Bitfarms Monthly Production Report for March 2024
Overview
Bitfarms Ltd., a leading global Bitcoin mining company, recently released its monthly production report for March 2024. Despite a slight decrease in Bitcoin production compared to previous months, the company is making significant progress in its fleet upgrade and expansion efforts.
Key Highlights
- Bitfarms produced 286 BTC in March 2024.
- The company is targeting 21 EH/s and 21 W/TH in 2024 with ongoing upgrade and expansion plans.
- Bitfarms maintained a strong online hash rate of 6.5 EH/s at the end of March.
- The company achieved a 2% improvement in average Bitcoin earned per EH/s compared to February.
Operational Updates
Bitfarms’ Chief Mining Officer, Ben Gagnon, emphasized the company’s focus on a transformational fleet upgrade and expansion plan for 2024. This plan aims to triple the company’s hashrate, increase targeted operating capacity by 83%, and improve fleet efficiency by 38%.
Mining Capacity Expansion
In March, Bitfarms acquired 1,656 new miners and reported substantial earnings in its mining operations. The company’s treasury also saw an increase, with 806 BTC held.
Infrastructure Development
Bitfarms is expanding its mining infrastructure in Paraguay to prepare for a major increase in hash rate. Key developments include the installation of an 80 MW main transformer and the shipment of 3,905 Bitmain T21 miners to enhance mining power at the site.
Future Plans
Bitfarms is actively pursuing its expansion plan to operate one of the most efficient mining fleets in the industry. The company is committed to enhancing its mining operations and infrastructure to support future growth and profitability.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
