Bitfarms, a mining firm, has reported its lowest monthly earnings in over two years as a result of the fourth Bitcoin halving. In April 2024, the company earned 269 Bitcoin (BTC) in mining rewards and transaction fees. To combat the reduction in rewards, Bitfarms is currently undergoing a $240 million upgrade for its Bitcoin mining equipment. This upgrade involves acquiring 88,000 highly efficient Bitcoin miners, which will triple the company’s current hash rate capacity to 21 exahashes per second (EH/s). Bitfarms’ April production update also showed a 9% improvement in corporate energy efficiency, with a rate of 31 watts per terahash (w/TH).
In addition to its monthly earnings of 269 BTC (approximately $15.5 million), Bitfarms expects a value-added tax (VAT) refund of $23.7 million from Canada. Ben Gagnon, the company’s chief mining officer, provided an update on the fleet upgrade, stating that the Bitcoin halving resulted in a 5.9% increase in network difficulty compared to March, negatively impacting all miners’ earnings. Bitfarms also faced temporary reductions in mining capacity due to ongoing turbine maintenance in Argentina.
Bitfarms’ April earnings of 269 BTC were 6% lower than the previous month and 29% lower compared to the same period last year. With an average daily earnings of 9 BTC, the company earned approximately $551,700 per day based on a BTC price of $61,300 on April 30, 2024. During the first three months of 2024, Bitfarms earned 357 BTC, 300 BTC, and 286 BTC, respectively. Additionally, the company’s Bitcoin holdings in its treasury increased from 806 BTC to 830 BTC in April.
For more information on Bitcoin mining, you can refer to Cointelegraph’s beginner’s guide.