On June 3, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a series of updates in its production and operations for May 2024. The company earned 156 BTC in May, secured additional hydropower in Paraguay, and increased its installed hashrate to 9.5 EH/s with 7.5 EH/s operational. Bitfarms improved its corporate energy efficiency to 27 w/TH, marking a 31% year-over-year increase and a 13% month-over-month improvement. The company is on track to achieve its target of 21 EH/s and 21 w/TH in 2024. Bitfarms also announced the doubling of capacity at its Yguazu site in Paraguay to 200 MW, scheduled for 2025, which will potentially add 6 EH/s if equipped with S21 Pro miners. The company received $17 million of a $24 million VAT refund from Quebec...Show More

On June 3, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a series of updates in its production and operations for May 2024. The company earned 156 BTC in May, secured additional hydropower in Paraguay, and increased its installed hashrate to 9.5 EH/s with 7.5 EH/s operational. Bitfarms improved its corporate energy efficiency to 27 w/TH, marking a 31% year-over-year increase and a 13% month-over-month improvement. The company is on track to achieve its target of 21 EH/s and 21 w/TH in 2024. Bitfarms also announced the doubling of capacity at its Yguazu site in Paraguay to 200 MW, scheduled for 2025, which will potentially add 6 EH/s if equipped with S21 Pro miners. The company received $17 million of a $24 million VAT refund from Quebec, enhancing its liquidity for ongoing growth. Despite a reduction in BTC earned in May due to the halving event and operational curtailments, Bitfarms sold 136 BTC for $8.9 million and increased its treasury to 850 BTC. The company also highlighted its participation in upcoming conferences and reaffirmed its commitment to environmentally friendly and sustainable energy sources for its mining operations.