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

SEC announcement · Apr 1 16:03

BITF -3.06%

Summary by Moomoo AI

On April 1, 2024, Bitfarms Ltd., a global Bitcoin mining company, filed a material change report with the Canadian Securities Regulatory Authorities and the United States Securities and Exchange Commission. The report, which is part of the company's regular disclosure, included a press release detailing Bitfarms' production and operations update for March 2024. The company earned 286 BTC in March, a slight decrease from February's 300 BTC, attributed to various factors including grid-stabilizing curtailment programs and power plant maintenance. Despite these challenges, Bitfarms is undergoing a significant upgrade and expansion plan, aiming to achieve 21 EH/s and improve energy efficiency to 21w/TH by the end of 2024. The plan includes the acquisition of 87,796 new miners, which will help the company reach its hashrate target and operate one of the most efficient mining fleets in the industry. Bitfarms sold 284 BTC as part of its treasury management process, resulting in proceeds of $19.2 million, and ended March with 806 BTC held in treasury. The company also highlighted its strong balance sheet and liquidity, with $66 million in cash and total liquidity of $123 million. Bitfarms' forward-looking statements indicate plans for continued growth and capitalization on upcoming market opportunities.

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