The company also doubled its hashrate to 12.8 EH/s in 2024 while improving efficiency by 40%.
Publicly listed Wall Street Bitcoin (BTC) miner Bitfarms (NASDAQ: BITF) ended 2024 with increased mining hashrate and USD revenues, despite a 41% drop in production compared to the previous year.
The Bitcoin mining operator reported a 97% year-over-year increase in hashrate to 12.8 EH/s and a 40% improvement in efficiency to 21 watts per terahash. Despite these gains, the company mined 211 Bitcoin in December, down from 446 in the same month last year, reflecting increased network difficulty and competitive pressures in the mining sector.
The result was among the weaker ones throughout the year, with total production in 2024 amounting to 2,914 BTC, compared to 4,928 BTC in 2023. However, the average Bitcoin price in 2024, at nearly $66,000, significantly increased the value of mined Bitcoins compared to 2023, when the average price was just under $29,000. As a result, revenue from last year's mining reached $192 million, up by $50 million.
However, the company is exploring ways to diversify, recognizing that cryptocurrency mining is becoming increasingly challenging.
"We're executing a strategic pivot from an international Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we've gone a long way ever since a Florida resident Laszlo Hanyecz made BTC's first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John's.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we've gone a long way ever since a Florida resident Laszlo Hanyecz made BTC's first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John's.One could now argue that Read this Term miner to a North American energy and compute company," said CEO Ben Gagnon. "While we didn't hit all our original growth targets, 2024 was transformative for our operations and positioning."
The company's pending acquisition of Stronghold Digital Mining, expected to close in Q1 2025, represents the largest merger between public Bitcoin mining companies to date. This deal will significantly expand Bitfarms' presence in the U.S. PJM power market and increase its potential capacity to 1.6 gigawatts, with approximately 66% located in the United States.
Chief Financial Officer Jeff Lucas highlighted the company's strong liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term position of $145 million at year-end, including $60 million in cash. The firm's Synthetic HODL program, launched in October 2023, generated approximately $18 million in trading profits with a 135% return in U.S. dollar terms before being closed out in December.
Bitfarms maintains a healthy Bitcoin treasury of 934 BTC, valued at $87.8 million based on the December 31 price of $94,000. The company sold 147 BTC in December as part of its regular treasury management, generating $14.3 million in proceeds.