The following is a summary of the Bitfarms Ltd. (BITF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Bitfarms reported Q1 2024 revenue of $50 million, a 67% year-over-year increase.

• Gross mining profit is pegged at $29 million or 59% of mining revenue.

• The company witnessed an improved net loss of $6 million, or $0.02 per share, from the $57.2 million net loss in Q4 2023.

• Expenses were increased due to nonrecurring severance charges tied to the older mining hardware replacement with new T21 miners.

• Bitfarms received approval against the VAT regulations from the Canadian Tax Authority, entitling them to a $24 million tax refund.

Business Progress:

• Bitfarms is set to achieve their growth target of 12 exahash by Q2 and 21 exahash by Q4 2024.

• The company's hash rate saw a 223% rise with improved energy efficiency at 21 watts per terahash.

• The company aims to expand in the U.S. and has plans to build another farm in Yguazu, Paraguay by Q4 2024.

• Bitfarms' financial stability is backed by a strong balance sheet and liquidity, allowing for growth and opportunity exploitation.

• The company projects its developmental activities to reflect their dedication towards sustainable and responsible mining practices.

• Bitfarms has covered the remaining cost for the miners to reach the level of 21 exahash.

• The company expects to enhance their liquidity management with an upcoming $24 million tax refund.

• Bitfarms aims to improve their mining efficiency by nearly 45% while also exploring growth opportunities in the US.

More details: Bitfarms IR

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