As a seasoned crypto investor with experience in following the financial performance of Bitcoin mining companies, I find the recent report from Bitfarms on their lowest monthly earnings in over two years concerning. The impact of the fourth Bitcoin halving is evident as the company earned only 269 BTC (roughly $15.5 million) in April 2024.
As a researcher examining the Bitcoin market, I’ve observed that the fourth Bitcoin halving has significantly affected the earnings of Bitfarms. Specifically, the company reported its lowest monthly revenue in more than two years following this event.
In the span of April 2024, the Bitcoin mining company successfully mined and received 269 Bitcoins (BTC) as rewards and transaction fees. Simultaneously, the organization initiated a significant upgrade project worth $240 million to modernize its mining equipment, ensuring longevity in the face of perpetually decreased mining rewards.
After finishing the upgrade, which includes obtaining 88,000 advanced Bitcoin mining machines, Bitfarms’ hash rate capacity will increase threefold to reach a capacity of 21 exahashes per second.
In its April production update, Bitfarms announced a significant enhancement in its corporate energy efficiency. The company now uses only 31 watts of electricity per terahash (w/TH), representing a noteworthy reduction of 9% compared to previous levels.
As a financial analyst, I’d like to share some recent developments regarding Bitfarms’ financial situation. The company generates approximately $15.5 million in Bitcoin earnings every month, which totals to around $186 million annually. In addition to this revenue, Bitfarms anticipates receiving a substantial refund of $23.7 million from Canada’s Value-Added Tax (VAT) authorities. As the chief mining officer at Bitfarms, I am pleased to provide this update on our fleet upgrade progress and the positive impact these financial resources will have on our operations.
“In April, we fully upgraded two farms in Québec (Canada) with Bitmain T21 miners, improving energy efficiency by 51% at those farms and 9% on a company-wide basis.”
The Bitcoin halving led to a rise of 5.9% in network complexity relative to March, adding to the revenue pressure on all miners. For Bitfarms specifically, routine upkeep on turbines in Argentina momentarily decreased its monthly bitcoin production capacity.
As a crypto investor, I’ve noticed that Bitfarms reported earnings of 269 BTC for April, which represents a 6% decrease compared to the previous month’s earnings. Additionally, these earnings represent a 29% reduction when compared to the same period last year.
With a daily Bitcoin income of 9 coins, which is equivalent to around $551,700 at a Bitcoin price of $61,300 on the 30th of April, 2024.
From January to March in the year 2024, Bitfarms mined or earned the following amounts of Bitcoin: 357 BTC in the first quarter, 300 BTC in the second quarter, and 286 BTC in the third quarter. Furthermore, Bitfarms’ Bitcoin reserves grew by 24 BTC to a total of 830 BTC in April.
Check out CryptoMoon’s beginner’s guide to learn more about Bitcoin mining.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- USD HKD PREDICTION
2024-05-02 11:48