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

SEC announcement · Feb 1 16:10

BITF -3.32%

Summary by Moomoo AI

On February 1, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a material change, filing with the Canadian Securities Regulatory Authorities and the United States Securities and Exchange Commission. The company announced its January 2024 performance, including the mining of 357 BTC, a decrease from December 2023 due to higher energy curtailment from winter storms. Despite this, Bitfarms is on track with its aggressive growth plan, aiming for hashrates of 12 EH/s in the first half of 2024 and 21 EH/s in the second half. The company is progressing with its expansion projects, including the development of a new farm in Paraguay and fleet upgrades. Bitfarms sold all 357 BTC mined in January, maintaining 804 BTC in treasury, and reduced its total outstanding indebtedness by $2.0 million. The company's expansion and upgrade plans are set to position it favorably in the industry, especially during the anticipated Halving year.

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