Bitfarms, a mining firm, has reported its lowest monthly earnings in over two years following the fourth Bitcoin halving. In April 2024, the company earned 269 Bitcoin (BTC) in mining rewards and transaction fees. To combat the impact of reduced rewards, Bitfarms is undergoing a $240 million upgrade for its Bitcoin mining equipment. This upgrade will involve acquiring 88,000 highly efficient Bitcoin miners and will triple the company’s current hash rate capacity to 21 exahashes per second (EH/s). In terms of energy efficiency, Bitfarms improved its corporate energy efficiency by 9% to 31 watts per terahash (w/TH) in April. Alongside its monthly earnings, Bitfarms also expects a $23.7 million value-added tax (VAT) refund from Canada. Despite these efforts, Bitfarms’ April earnings were 6% lower than the previous month and 29% lower year-over-year. However, the company did increase its Bitcoin holdings from 806 BTC to 830 BTC in April.
Bitfarms’ BTC mining earnings plummet as Bitcoin undergoes halving