Bitfarms’ BTC Mining Earnings Plunge Amid Bitcoin Halving
Bitfarms, a mining company specializing in Bitcoin, has reported its lowest monthly earnings in over two years following the fourth Bitcoin halving. In April 2024, the firm earned 269 BTC in mining rewards and transaction fees. To remain profitable despite reduced rewards, Bitfarms is investing $240 million in upgrading its Bitcoin mining equipment. As part of the upgrade, the company plans to acquire 88,000 highly efficient Bitcoin miners, which will triple its current hash rate capacity to 21 exahashes per second (EH/s).
Bitfarms has also made efforts to improve its corporate energy efficiency. According to its April production update, the company increased its efficiency by 9% to 31 watts per terahash (w/TH). In addition to its monthly earnings of 269 BTC, which is equivalent to around $15.5 million, Bitfarms expects a $23.7 million Value Added Tax (VAT) refund from Canada.
As part of its fleet upgrade, Bitfarms upgraded two farms in Quebec, Canada, with Bitmain T21 miners. This upgrade resulted in a 51% improvement in energy efficiency at those farms and a 9% improvement on a company-wide basis.
The Bitcoin halving had a negative impact on the earnings of all miners. For Bitfarms, the halving led to a 5.9% increase in network difficulty compared to the previous month. Ongoing turbine maintenance in Argentina temporarily lowered Bitfarms’ mining capacity in April.
Compared to the previous month, Bitfarms’ April earnings of 269 BTC were 6% lower, and they were 29% lower compared to the same period last year. Each day, the company earned approximately $551,700 based on a BTC price of $61,300 on April 30, 2024. In the first three months of 2024, Bitfarms earned 357 BTC, 300 BTC, and 286 BTC, respectively.
Despite the decrease in earnings, Bitfarms increased its Bitcoin holdings from 806 BTC to 830 BTC in April, showing confidence in the long-term prospects of the cryptocurrency. The company is making significant investments to upgrade its mining infrastructure and improve its energy efficiency in order to maintain profitability.
15 thoughts on “Bitfarms’ BTC Mining Earnings Plunge Amid Bitcoin Halving”
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Bitfarms’ decision to invest $240 million in upgrading their Bitcoin mining equipment seems like a desperate attempt to stay afloat. Will it pay off though? 💸
Bitfarms’ investments in upgrading their mining equipment and infrastructure are a testament to their commitment to staying ahead in the industry.
Wow, Bitfarms is really stepping up their game! With their plans to acquire 88,000 efficient Bitcoin miners, their hash rate capacity is going to be on another level!
Bitfarms’ dedication to improving energy efficiency is a step in the right direction. It’s important for the industry to be environmentally conscious. 🌍
Despite the decrease in earnings, Bitfarms’ determination to maintain profitability is inspiring. They are not letting the challenges discourage them. 💪
Bitfarms’ commitment to energy efficiency is refreshing. They are setting a great example for the entire Bitcoin mining community.
I’m excited to see Bitfarms triple their current hash rate capacity! With 88,000 efficient miners, they are set to achieve great things in the industry.
Despite the upgrade, Bitfarms’ earnings in April were still lower than the previous month. It’s not looking good for them. 😕
Bitfarms’ commitment to improving their energy efficiency by 9% is commendable. It’s great to see them prioritize sustainability.
Even though the Bitcoin halving impacted their earnings, Bitfarms is still confident in the future of cryptocurrency. Holding onto their Bitcoin assets shows their belief in its long-term prospects. 📈
Bitfarms’ dedication to maintaining profitability is evident through their continuous upgrades and improvements. They are not afraid to adapt and evolve.
Despite the challenges, Bitfarms’ determination to maintain profitability is truly admirable. They are willing to invest and evolve in order to succeed.
The increase in energy efficiency is a positive step, but it doesn’t seem to be compensating for the decline in earnings.
It’s amazing to see Bitfarms investing such a significant amount of money into upgrading their mining equipment. They are truly committed to staying ahead in the industry. 💰
million? That’s a serious investment! Bitfarms is definitely committed to remaining profitable in the Bitcoin mining industry. 💰