Bitfarms mined 2,914 BTC last year, increasing its revenue by $50 million.
The company also doubled its hashrate to 12.8 EH/s in 2024 while improving efficiency by 40%.
Publicly
listed Wall Street Bitcoin (BTC) miner Bitfarms (NASDAQ: BITF) ended 2024 with
increased mining hashrate and USD revenues, despite a 41% drop in production
compared to the previous year.
Bitfarms Doubles Hashrate,
Signals Major U.S. Market Push
The Bitcoin
mining operator reported a 97% year-over-year increase in hashrate to 12.8 EH/s
and a 40% improvement in efficiency to 21 watts per terahash. Despite these
gains, the company mined 211 Bitcoin in December, down from 446 in the same
month last year, reflecting increased network difficulty and competitive
pressures in the mining sector.
The
result was among the weaker ones throughout the year, with total production
in 2024 amounting to 2,914 BTC, compared to 4,928 BTC in 2023. However, the
average Bitcoin price in 2024, at nearly $66,000, significantly increased the
value of mined Bitcoins compared to 2023, when the average price was just under
$29,000. As a result, revenue from last year's mining reached $192 million, up
by $50 million.
However,
the company is exploring ways to diversify, recognizing that cryptocurrency
mining is becoming increasingly challenging.
Ben Gagnon, Source: Bitfarms' website
“We're
executing a strategic pivot from an international Bitcoin miner to a North
American energy and compute company,” said CEO Ben Gagnon. “While we
didn't hit all our original growth targets, 2024 was transformative for our
operations and positioning.”
The
company's pending acquisition of Stronghold Digital Mining, expected to
close in Q1 2025, represents the largest merger between public Bitcoin mining
companies to date. This deal will significantly expand Bitfarms' presence in
the U.S. PJM power market and increase its potential capacity to 1.6 gigawatts,
with approximately 66% located in the United States.
Chief
Financial Officer Jeff Lucas highlighted the company's strong liquidity
position of $145 million at year-end, including $60 million in cash. The firm's
Synthetic HODL program, launched in October 2023, generated approximately $18
million in trading profits with a 135% return in U.S. dollar terms before being
closed out in December.
Bitfarms
maintains a healthy Bitcoin treasury of 934 BTC, valued at $87.8 million based
on the December 31 price of $94,000. The company sold 147 BTC in December as
part of its regular treasury management, generating $14.3 million in proceeds.
Publicly
listed Wall Street Bitcoin (BTC) miner Bitfarms (NASDAQ: BITF) ended 2024 with
increased mining hashrate and USD revenues, despite a 41% drop in production
compared to the previous year.
Bitfarms Doubles Hashrate,
Signals Major U.S. Market Push
The Bitcoin
mining operator reported a 97% year-over-year increase in hashrate to 12.8 EH/s
and a 40% improvement in efficiency to 21 watts per terahash. Despite these
gains, the company mined 211 Bitcoin in December, down from 446 in the same
month last year, reflecting increased network difficulty and competitive
pressures in the mining sector.
The
result was among the weaker ones throughout the year, with total production
in 2024 amounting to 2,914 BTC, compared to 4,928 BTC in 2023. However, the
average Bitcoin price in 2024, at nearly $66,000, significantly increased the
value of mined Bitcoins compared to 2023, when the average price was just under
$29,000. As a result, revenue from last year's mining reached $192 million, up
by $50 million.
However,
the company is exploring ways to diversify, recognizing that cryptocurrency
mining is becoming increasingly challenging.
Ben Gagnon, Source: Bitfarms' website
“We're
executing a strategic pivot from an international Bitcoin miner to a North
American energy and compute company,” said CEO Ben Gagnon. “While we
didn't hit all our original growth targets, 2024 was transformative for our
operations and positioning.”
The
company's pending acquisition of Stronghold Digital Mining, expected to
close in Q1 2025, represents the largest merger between public Bitcoin mining
companies to date. This deal will significantly expand Bitfarms' presence in
the U.S. PJM power market and increase its potential capacity to 1.6 gigawatts,
with approximately 66% located in the United States.
Chief
Financial Officer Jeff Lucas highlighted the company's strong liquidity
position of $145 million at year-end, including $60 million in cash. The firm's
Synthetic HODL program, launched in October 2023, generated approximately $18
million in trading profits with a 135% return in U.S. dollar terms before being
closed out in December.
Bitfarms
maintains a healthy Bitcoin treasury of 934 BTC, valued at $87.8 million based
on the December 31 price of $94,000. The company sold 147 BTC in December as
part of its regular treasury management, generating $14.3 million in proceeds.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
