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Bitfarms | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Jan 2 00:00
Summary by Moomoo AI
On January 2, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a material change, filing with the Canadian Securities Regulatory Authorities and attaching a press release to the report. The company, led by President and CEO Geoffrey Morphy, announced significant operational achievements for December 2023 and the full year. Bitfarms earned 446 BTC in December, a 13.8% increase from November, and a total of 4,928 BTC for the year. The company also reported a 44% year-over-year increase in hashrate to 6.5 EH/s, surpassing their own targets. Bitfarms expanded its total contracted capacity to 593 MW and is on track to reach 12 EH/s and 25 w/TH fleet efficiency in Q2 2024, with the potential to achieve 17 EH/s and 23 w/TH fleet efficiency within the year. The...Show More
On January 2, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a material change, filing with the Canadian Securities Regulatory Authorities and attaching a press release to the report. The company, led by President and CEO Geoffrey Morphy, announced significant operational achievements for December 2023 and the full year. Bitfarms earned 446 BTC in December, a 13.8% increase from November, and a total of 4,928 BTC for the year. The company also reported a 44% year-over-year increase in hashrate to 6.5 EH/s, surpassing their own targets. Bitfarms expanded its total contracted capacity to 593 MW and is on track to reach 12 EH/s and 25 w/TH fleet efficiency in Q2 2024, with the potential to achieve 17 EH/s and 23 w/TH fleet efficiency within the year. The company's financial update for December 2023 included the sale of 444 BTC, generating $18.9 million in proceeds, and an increase in treasury-held BTC to 804, valued at approximately $34.2 million. Bitfarms also reduced its total outstanding debt to $4 million, with plans to clear it by February 2024, and held $84 million in cash and cash equivalents at year-end. The company's growth strategy includes deploying new miners in the US, Canada, and an expansion in Paso Pe, Paraguay, which is ahead of schedule. Bitfarms' forward-looking statements indicate plans for continued growth and operational efficiency improvements, with a focus on the upcoming 2024 Bitcoin halving event.

This announcement is a separate document:

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