Financial and Operational Highlights
- Revenue: $45 million (+8% Q/Q, +30% Y/Y)
- Gross Mining Margin: 38% (vs. 51% in Q2 2024)
- Hashrate: 11.9 EH/s (up from 10.4 EH/s in Q2 2024)
- Energy Efficiency: 21 w/TH (16% improvement since June 2024)
- BTC Treasury: 1,188 BTC (+41 BTC in October 2024)
Strategic Developments
Fleet Upgrade:
- Deployed 5,400 miners, achieving 21 w/TH efficiency ahead of schedule.
- Upgrading 18,853 T21 miners to S21 Pro models (234 TH/s, 15 w/TH).
Stronghold Acquisition:
- Expected to expand energy portfolio to 950 MW by 2025, with potential for 1.6 GW.
- U.S. operations to represent 66% of total portfolio (up from 6%).
HPC/AI Pilot:
- Selected two U.S. sites for 1–2 MW pilot projects, targeting accelerated 2025 deployment.
Quarterly Performance Breakdown
Operational Metrics
| Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|----------------------|---------|---------|---------|
| BTC Earned | 703 | 614 | 1,172 |
| Avg. Daily BTC | 7.6 | 6.7 | 12.8 |
| Hashrate (EH/s) | 11.9 | 10.4 | 6.1 |
Financials (USD)
| Category | Q3 2024 | Q2 2024 |
|---------------------------|---------|---------|
| Revenue | $45M | $42M |
| Gross Mining Profit | $17M | $21M |
| Adjusted EBITDA | $6M | $12M |
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FAQs
Q: How does Bitfarms plan to mitigate rising energy costs?
A: Through fleet upgrades (e.g., S21 Pro miners) and geographic diversification, including the Stronghold acquisition’s low-cost U.S. power assets.
Q: What’s the timeline for reaching 21 EH/s?
A: Delayed to H1 2025 due to miner servicing delays; currently at 11.9 EH/s.
Q: How does the Stronghold acquisition impact Bitfarms’ growth?
A: Adds 950 MW capacity, with 66% U.S. operational focus, enhancing scalability for the 2025 Bitcoin bull cycle.
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Forward-Looking Statements
Bitfarms emphasizes execution risks, including miner deployment timelines and energy cost volatility. The Stronghold acquisition remains pending shareholder and regulatory approvals.
All figures in USD unless noted. Non-IFRS metrics exclude revaluation gains/losses on BTC holdings.
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