Bitfarms, a prominent mining firm, has reported its lowest monthly earnings in over two years, attributed to the impact of the fourth Bitcoin halving.
Bitfarms earned 269 Bitcoin (BTC) in mining rewards and transaction fees in April 2024, representing a decline in earnings compared to previous months.
To counteract reduced rewards, Bitfarms is undergoing a $240 million upgrade for its Bitcoin mining equipment, acquiring 88,000 highly efficient Bitcoin miners. This upgrade aims to triple the company’s current hash rate capacity to 21 exahashes per second (EH/s).
Bitfarms improved its corporate energy efficiency by 9% to 31 watts per terahash (w/TH) in April. Additionally, the company expects a $23.7 million value-added tax (VAT) refund from Canada.
Ben Gagnon, Bitfarms’ chief mining officer, shared updates on the fleet upgrade, highlighting a 51% improvement in energy efficiency at two farms in Québec, Canada, and a 9% improvement company-wide.
The Bitcoin halving contributed to a 5.9% increase in network difficulty compared to March, impacting earnings for all miners. Additionally, ongoing turbine maintenance in Argentina temporarily reduced Bitfarms’ monthly mining capacity.
April’s earnings of 269 BTC were 6% lower than the previous month and 29% lower year-over-year. Bitfarms earned approximately 9 BTC per day, translating to daily earnings of roughly $551,700 based on the April 30, 2024 BTC price of $61,300.
Bitfarms’ treasury increased its Bitcoin holdings from 806 BTC to 830 BTC in April. In the first three months of 2024, the company earned 357 BTC, 300 BTC, and 286 BTC, respectively.
For those interested in learning more about Bitcoin mining, Cointelegraph offers a beginner’s guide on the topic.
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