Bitfarms, a publicly listed Bitcoin mining company, saw increased mining hashrate and revenues in 2024, despite a 41% drop in production compared to the previous year. The company reported a 97% year-over-year increase in hashrate and a 40% improvement in efficiency. However, competitive pressures and increased network difficulty led to a decrease in the number of bitcoins mined. Despite this, the average price of Bitcoin in 2024 significantly increased the value of mined bitcoins, resulting in revenue of $192 million. Bitfarms is now looking to diversify and has pending acquisition plans that will expand its presence in the US power market. The company also has a strong liquidity position and a healthy Bitcoin treasury.



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