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

SEC announcement ·  May 1 16:16
Summary by Moomoo AI
On May 1, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a material change to the Canadian Securities Regulatory Authorities and the United States Securities and Exchange Commission. The company announced its April 2024 production and operations update, revealing it had mined 269 BTC in April, a decrease from 286 BTC in March. This decline was attributed to the BTC Halving on April 19, 2024, increased network difficulty, and turbine maintenance in Argentina. Despite this, Bitfarms improved its corporate energy efficiency by 9% to 31 w/TH and is on track to achieve 21 EH/s and 21 w/TH in 2024 due to a transformative fleet upgrade. Additionally, Bitfarms secured a $23.7 million VAT refund from Canada, which will provide a near-term cash source and reduce long-term operating costs...Show More
On May 1, 2024, Bitfarms Ltd., a global Bitcoin mining company, reported a material change to the Canadian Securities Regulatory Authorities and the United States Securities and Exchange Commission. The company announced its April 2024 production and operations update, revealing it had mined 269 BTC in April, a decrease from 286 BTC in March. This decline was attributed to the BTC Halving on April 19, 2024, increased network difficulty, and turbine maintenance in Argentina. Despite this, Bitfarms improved its corporate energy efficiency by 9% to 31 w/TH and is on track to achieve 21 EH/s and 21 w/TH in 2024 due to a transformative fleet upgrade. Additionally, Bitfarms secured a $23.7 million VAT refund from Canada, which will provide a near-term cash source and reduce long-term operating costs. The company's miner upgrades are progressing rapidly, with several sites scheduled for completion in the coming months. Bitfarms sold 245 BTC as part of its treasury management process, resulting in proceeds of $16.1 million, and held 830 BTC in treasury by the end of April. The company also increased its Synthetic HODL™ position by purchasing additional long-dated BTC call options. Bitfarms is set to participate in several upcoming conferences and events throughout May 2024.

This announcement is a separate document:

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