Bitfarms Sees Dip in Bitcoin Production Despite Expansion Efforts

Bitfarms Ltd. saw a minor decline in Bitcoin production despite expansion efforts in March 2024.
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Bitfarms Ltd., a leading global Bitcoin mining company, recently released its monthly production reports for March 2024. Despite ongoing efforts to expand and upgrade its mining fleet, Bitfarms experienced a slight decrease in bitcoin (BTC) production compared to previous months.

Decrease in Bitcoin Production

In March 2024, the mining company mined a total of 286 BTC, down from 300 BTC in February. This decline in production, while modest, reflects various factors including participation in grid-stabilizing curtailment programs, power plant maintenance activities in Argentina, and a temporarily lower average operating hashrate.

Key Performance IndicatorsMarch 2024March 2023
Total BTC earned286424
Month end operating EH/s6.54.8
BTC/avg. EH/s5091
Average operating EH/s5.74.6
Operating capacity (MW)240188
Hydropower (MW)186178
Watts/terahash efficiency (w/TH)3439
BTC sold284394

Bitfarms Fleet Upgrade and Expansion Plan

Despite the decrease in BTC production, Bitfarms remains committed to enhancing its mining capabilities. The company is actively pursuing its fleet upgrade and expansion plan, with the goal of reaching 21 EH/s and 21w/TH efficiency by the end of 2024.

Geoff Morphy, President and CEO of the firm, highlighted the significance of this plan, stating:

“Having confirmed the tremendous performance of our T21 miners currently running, and with Bitcoin prices reaching all-time highs, we acted quickly to secure these miners at attractive prices in advance of anticipated hardware price increases, Together, with our 35,888 Bitmain T21 purchases and farm expansions announced in November, these new 87,796 miners are sufficient to reach 21 EH/s by year-end, with greater operating efficiency.”

Morphy emphasizes the significance of recent orders in solidifying their expansion plan for 2024. These orders pave the way for the firm to operate one of the newest and potentially most efficient mining fleets in the industry. The company aims to drive rapid improvements across three key metrics: hashrate, energy efficiency, and operating costs per terahash. This strategic move is intended to capitalize on the increasing prices of bitcoin and expanding mining margins.

Chief Mining Officer, Ben Gagnon, highlights the company’s focus on a transformational fleet upgrade and expansion plan for 2024. This plan involves tripling their hashrate to 21 exahash per second, increasing targeted operating capacity by 83% to 440 MW, and enhancing fleet efficiency by 38% to 21 watts/terahash efficiency.

Gagnon sees this as the largest growth in the company’s history, positioning it to become a leader in energy efficiency within the industry. With a strong balance sheet, Bitfarms is well-prepared to execute its growth plans and seize opportunities in the upcoming bull market and beyond.

Related reading: Bitdeer Eyes $100M Funding To Expand Mining Operations

Financial Standing and Future Outlook

Bitfarms sold 284 BTC in March, generating total proceeds of $19.2 million. The company also increased its BTC treasury holdings to 806 BTC, valued at $56.7 million. With a strong balance sheet and a focus on operational efficiency, Bitfarms remains optimistic about its growth prospects in the evolving Bitcoin landscape.

Several analysts have issued positive reports on Bitfarms, reaffirming “buy” ratings and setting target prices as high as $4.00. This reflects confidence in Bitfarms’ ability to navigate market challenges and capitalize on opportunities amidst rising bitcoin prices.

Bitfarms’ stock (NASDAQ: BITF) has seen fluctuations, trading higher on the news of the production and operations update for March. Shares were up 1.79%, and were trading at $2.27 at the time of publication.

bitfarms stock
The performance of Bitfarms stock on NASDAQ — Tradingview

Hedge Fund Activity and Short Interest

Bitfarms’ stock has attracted attention from hedge funds and institutional investors. Despite a 12.2% increase in short interest in March, hedge funds continue to show interest in Bitfarms, with notable increases in their stakes in the company.


Bitfarms’ recent production reports highlight both challenges and opportunities in the Bitcoin mining industry. Despite a slight decrease in production, the company’s commitment to fleet expansion and operational efficiency positions it well for future growth. With positive analyst outlooks and growing investor interest, Bitfarms continues to solidify its position as a key player in the Bitcoin market.

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