This Wall Street Bitcoin Miner Produced $192M Worth of BTC in 2024
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.Bitfarms Doubles Hashrate...
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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.
Bitfarms Doubles Hashrate, Signals Major U.S. Market Push
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 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 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.
This article was written by Damian Chmiel at www.financemagnates.com.Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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