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

SEC announcement · Mar 1 16:08

BITF -3.57%

Summary by Moomoo AI

Bitfarms Ltd., a global Bitcoin mining company, has filed a report with the Canadian Securities Regulatory Authorities and the U.S. Securities and Exchange Commission, detailing a material change on March 1, 2024. The company announced its February monthly production report and provided updates on its fleet upgrade. Bitfarms earned 300 BTC in February, a decrease from January's 357 BTC, attributed to grid-stabilizing curtailment programs, fewer days in February, and increased mining difficulty. Despite this, the company is progressing towards its target of 12 EH/s and 25 w/TH by the end of Q2 2024 and 21 EH/s by the end of 2024. President and CEO Geoffrey Morphy highlighted the installation of 12 Bitmain T21 miners in Quebec, which are performing above expectations, and the ongoing development in Paso Pe, Paraguay, which is expected to contribute significantly to the company's hashrate goals. Bitfarms sold all 300 BTC earned in February, maintaining its treasury at 804 BTC, and paid off its remaining debt balance. The company continues to focus on sustainable and efficient mining operations, with the majority of its power coming from hydroelectric sources.

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This announcement is a separate document:

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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