Mining Review
November mining operations generated 204 BTC compared to 236 BTC in October, reflecting a 1% increase in average operating EH and a 7% increase in Bitcoin difficulty.
| Key Performance Indicators |
November 2024 |
October 2024 |
November 2023 |
| Total BTC earned | 204 | 236 | 392 |
| Month End Operating EH/s | 12.8 | 11.5 | 6.4 |
| BTC/Avg. EH/s | 19 | 22 | 66 |
| Average Operating EH/s | 10.7 | 10.6 | 5.9 |
| Operating Capacity (MW) | 324 | 310 | 240 |
| Hydropower (MW) | 256 | 256 | 186 |
| Watts/Terahash Efficiency (w/TH) | 21 | 21 | 35 |
| BTC Sold | 171 | 194 | 350 |
November 2024 Select Operating Highlights
- 12.8 EH/s operational at November 30, 2024, up 100% Y/Y and up 11% M/M.
- 10.7 EH/s average operational, up 81% Y/Y and up 1% M/M.
- 19 BTC/average EH/s, 14% lower M/M and 71% lower Y/Y.
- 204 BTC earned, 14% lower M/M and 48% lower Y/Y.
- 6.8 BTC earned daily on average, equal to ~$660,000 per day based on a BTC price of $97,000 at November 30, 2024.
Bitfarms' BTC Monthly Production
| Month | BTC Earned 2024 | BTC Earned 2023 |
| January | 357 | 486 |
| February | 300 | 387 |
| March | 286 | 424 |
| April | 269 | 379 |
| May | 156 | 459 |
| June | 189 | 385 |
| July | 253 | 378 |
| August | 233 | 383 |
| September | 217 | 411 |
| October | 236 | 398 |
| November | 204 | 392 |
| YTD Totals | 2,700 | 4,482 |
November 2024 Financial Update
- Sold 171 of the 204 BTC earned as part of the Company's regular treasury management practice for total proceeds of $14.6 million.
- Added 33 BTC to Treasury from mining operations and transferred 351 Bitcoin to Bitmain in accordance with the miner upgrade agreement announced on November 12. Under the terms of the agreement, Bitmain will upgrade 18,853 Bitmain T21 miners to S21 Pro miners for an incremental cost of $33.2 million paid in Bitcoin with the option for the Company to redeem the Bitcoin for cash in four quarterly payments at a fixed Bitcoin price of ~$94,600, the price of Bitcoin at the time the Bitcoin was originally tendered. Reflecting the transfer of Bitcoin to Bitmain, Bitfarms Treasury at November month-end was 870 Bitcoin, down from 1,188 last month and representing $84.4 million based on the Bitcoin price of $97,000 at November 30, 2024.
- Synthetic HODL™ of 584 long-dated BTC call options at November 30, 2024, down from 802 at the end of the prior month.
