Bitfarms’ BTC mining earnings plummet following Bitcoin halving

Bitfarms, a mining firm, has reported its lowest monthly earnings in over two years following the fourth Bitcoin halving. In April 2024, the company earned 269 Bitcoin (BTC) in mining rewards and transaction fees. To combat the impact of reduced rewards, Bitfarms is undergoing a $240 million upgrade for its Bitcoin mining equipment. This upgrade includes acquiring 88,000 highly efficient Bitcoin miners, which will triple Bitfarms’ current hash rate capacity to 21 exahashes per second (EH/s). The company also improved its corporate energy efficiency by 9% to 31 watts per terahash (w/TH) in April. In addition to its monthly earnings, Bitfarms expects a $23.7 million value-added tax (VAT) refund from Canada. However, the Bitcoin halving resulted in a 5.9% increase in network difficulty, impacting the earnings of all miners. Bitfarms’ monthly mining capacity was temporarily lowered due to ongoing turbine maintenance in Argentina. The company’s April earnings of 269 BTC were 6% lower than the previous month and 29% lower year-over-year. Bitfarms earned approximately $551,700 per day based on a BTC price of $61,300 on April 30, 2024. In the first three months of 2024, Bitfarms earned 357 BTC, 300 BTC, and 286 BTC, respectively. Additionally, Bitfarms’ treasury increased its Bitcoin holdings from 806 BTC to 830 BTC in April.