Bitfarms Reports Significant Advancements in BTC Mining for June 2024

In June 2024, Bitfarms Ltd., a global leader in Bitcoin mining, disclosed impressive achievements in its operational and production capacities. Cementing its reputation in the cryptocurrency domain, Bitfarms announced it had generated a noteworthy total of 189 bitcoins (BTC) during the month. The company’s installed hashrate experienced a substantial ramp-up, reaching 11.4 exahashes per second (EH/s), with 10.4 EH/s currently operational. This scale of mining power attests to Bitfarms’ substantial presence in the industry.

Enhanced Energy Efficiency and Expansion

Bitfarms reported striking improvements in energy efficiency, demonstrating a 36% year-over-year increase and a 7.4% rise month-over-month. The energy efficiency metric now stands at an impressive 25 watts per terahash (w/TH), underscoring the company’s commitment to sustainable and cost-effective mining operations. In a strategic maneuver to bolster its U.S. market share, Bitfarms unveiled plans for a new 120-megawatt (MW) site. This location is particularly well-positioned to support high-performance computing (HPC) and artificial intelligence (AI) applications, heralding a significant advancement for the company’s infrastructural capabilities.

Future Growth Prospects

Looking ahead to 2025, Bitfarms positions itself as a formidable player in the mining sector with an ambitious target to double its power capacity to 648 MW. This expansion indicates a bright future for the company’s operations, potentially driving long-term growth and stability within a volatile market. Investors tracking the performance of Bitfarms can refer to the stock ticker BITF for insights into the company’s market standing. Furthermore, Bitcoin’s trajectory can continually be monitored through the crypto ticker CRYPTO:BTC.

Bitcoin, Mining, Efficiency