Bitfarms earns 204 bitcoin in November

Bitfarms (BITF) announced its latest monthly production report. Bitfarms achieved an operating hashrate of 12.8 EH/s in November with initial deployment of miners to Stronghold Digital Mining’s sites in Pennsylvania under the hosting agreements announced in September and October 2024. With these two hosting agreements, supporting a total of approximately 4 EH/s, nearly 75% of Bitfarms’ hashrate is expected to come from North American data centers by the first half of 2025, re-affirming the Company’s commitment to grow in the U.S. In November, Bitfarms also upgraded nearly 19,000 T21 miners to S21 Pro miners with delivery anticipated in December and January. These newer, more efficient miners will support improved efficiency of 19 w/TH, a nearly 10% improvement from current efficiency, in the first half of 2025. CEO Ben Gagnon stated, “By redirecting our miners to be deployed in the United States, we have best matched our miners with the underlying electricity economics across our large portfolio of flexible MWs. With demand for immediate capacity for both HPC/AI and BTC mining surging and based on discussions with strategic partners, I am confident that our energy portfolio of over 950 MW in 2025 gives us unparalleled flexibility to take advantage of strategic opportunities in both HPC/AI and BTC mining.” In addition, Bitfarms conducted its Special Meeting of shareholders on November 20, resulting in shareholder approval of the expansion of the Board of Directors from five to six members and the appointment of Andrew J. Chang as an Independent Director. The Board is now comprised of six members, five of whom are independent.