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 Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
After Returning Billions Last Year, FTX Starts Another Creditor Payout Round
Finance Magnates Awards 2026 – Nominations Now Open
Finance Magnates Awards 2026 – Nominations Now Open
The Finance Magnates Awards 2026 nominations are now open. 🏆
From fintech innovators to leading brokers, this is where the finance industry celebrates its biggest achievements.
Winners will be announced at the Cyprus Gala Dinner on November 6, 2026.
Nominate your brand now.
https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=video&utm_campaign=nominations-open
#FMAwards #FinanceMagnates #FintechAwards #Fintech #FinanceIndustry
The Finance Magnates Awards 2026 nominations are now open. 🏆
From fintech innovators to leading brokers, this is where the finance industry celebrates its biggest achievements.
Winners will be announced at the Cyprus Gala Dinner on November 6, 2026.
Nominate your brand now.
https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=video&utm_campaign=nominations-open
#FMAwards #FinanceMagnates #FintechAwards #Fintech #FinanceIndustry
Finance Magnates Awards 2026 | Nominations Now Open 🏆#Fintech #FMAwards #TradingIndustry
Finance Magnates Awards 2026 | Nominations Now Open 🏆#Fintech #FMAwards #TradingIndustry
Lights on. Cameras ready. 🎬
Finance Magnates Awards 2026 nominations are now open. 🏆
#FMAwards #FinanceMagnates #FintechAwards #Fintech
Lights on. Cameras ready. 🎬
Finance Magnates Awards 2026 nominations are now open. 🏆
#FMAwards #FinanceMagnates #FintechAwards #Fintech
Exness sees trust as the key theme for growth in MENA Trading Growth for 2026
Exness sees trust as the key theme for growth in MENA Trading Growth for 2026
Mohammad Amer, Regional Commercial Director at Exness, sits down to discuss the booming MENA financial trading market. Find out why Dubai is key to the company's growth strategy, how a mobile-first generation is changing expectations, and why trust will be the defining theme for traders in 2026.
In this interview, you'll learn:
* Why Dubai and the MENA region are critical growth markets for fintech and online trading.
* How Exness is addressing the demands of mobile-first, younger traders through engineering, platform stability, and transparent conditions.
* The essential role local talent plays in providing a culturally relevant and compliant user experience.
* Mohammad Amer's outlook on the future of the online trading industry and why stronger controls and systems are necessary.
* Why "trust" isn't just a brand value, but has commercial value—and why he predicts 2026 will be the "Year of Trust."
Key Takeaways:
➡️ The MENA region is rapidly shaping global financial markets.
➡️ New traders expect stability, precise execution, and transparency.
➡️ Local expertise is key to regulatory compliance and user experience.
➡️ Future success belongs to firms capable of meeting rising standards across regulation and platform consistency.
Read the full article at: https://www.financemagnates.com/thought-leadership/exness-sees-trust-as-the-key-theme-for-growth-in-mena-trading-growth-for-2026/
#Exness #MENA #Trading #FinTech #Dubai #OnlineTrading #FinanceMagnates #MohammadAmer #Trust #MobileTrading
Mohammad Amer, Regional Commercial Director at Exness, sits down to discuss the booming MENA financial trading market. Find out why Dubai is key to the company's growth strategy, how a mobile-first generation is changing expectations, and why trust will be the defining theme for traders in 2026.
In this interview, you'll learn:
* Why Dubai and the MENA region are critical growth markets for fintech and online trading.
* How Exness is addressing the demands of mobile-first, younger traders through engineering, platform stability, and transparent conditions.
* The essential role local talent plays in providing a culturally relevant and compliant user experience.
* Mohammad Amer's outlook on the future of the online trading industry and why stronger controls and systems are necessary.
* Why "trust" isn't just a brand value, but has commercial value—and why he predicts 2026 will be the "Year of Trust."
Key Takeaways:
➡️ The MENA region is rapidly shaping global financial markets.
➡️ New traders expect stability, precise execution, and transparency.
➡️ Local expertise is key to regulatory compliance and user experience.
➡️ Future success belongs to firms capable of meeting rising standards across regulation and platform consistency.
Read the full article at: https://www.financemagnates.com/thought-leadership/exness-sees-trust-as-the-key-theme-for-growth-in-mena-trading-growth-for-2026/
#Exness #MENA #Trading #FinTech #Dubai #OnlineTrading #FinanceMagnates #MohammadAmer #Trust #MobileTrading
Paytiko CEO Razi Salih on Why Payment Orchestration is a MUST-HAVE for Brokers in 2026
Paytiko CEO Razi Salih on Why Payment Orchestration is a MUST-HAVE for Brokers in 2026
At iFX Expo Dubai, Finance Magnates spoke with Razi Salih, CEO at Paytiko, about the evolution of the payments ecosystem and why payment orchestration has shifted from an option to a necessity for brokers, prop firms, and exchanges.
Mr. Salih explains how global expansion, the need for deep localisation, and the sheer number of new payment methods, from instant banking to stablecoins, are driving this critical infrastructure shift.
#PaymentOrchestration #Fintech #Brokerage #TradingPayments #RaziSalih #Paytiko #iFXExpoDubai #Stablecoins #AIinFintech
At iFX Expo Dubai, Finance Magnates spoke with Razi Salih, CEO at Paytiko, about the evolution of the payments ecosystem and why payment orchestration has shifted from an option to a necessity for brokers, prop firms, and exchanges.
Mr. Salih explains how global expansion, the need for deep localisation, and the sheer number of new payment methods, from instant banking to stablecoins, are driving this critical infrastructure shift.
#PaymentOrchestration #Fintech #Brokerage #TradingPayments #RaziSalih #Paytiko #iFXExpoDubai #Stablecoins #AIinFintech
Altima CTO Sunil Jadhav: Solving Data Fragmentation & Lag for Brokers & Prop Firms
Altima CTO Sunil Jadhav: Solving Data Fragmentation & Lag for Brokers & Prop Firms
Altima CTO Sunil Jadhav sits down with Finance Magnates to discuss the core technology challenges facing CFD brokers and proprietary trading firms today.
Jadhav explains how the industry's reliance on batch processing and fragmented systems (where CRMs, risk tools, and trading platforms operate with separate 'sources of truth') leads to delayed data and inconsistent operational decisions. He argues that real-time event processing is essential for managing fast-moving trading activity and risk.
Learn how Altima's unified, event-driven architecture, connecting Altima CRM, Altima Prop, IB systems, and risk management through a single backbone, is designed to provide synchronous data and better operational coordination for modern brokerage and prop firm stacks.
Key Topics:
- Broker and Prop Firm Data Challenges
- The problem of delayed data processing (batch processing vs. real-time events)
- Fragmented systems and conflicting data sources
- Altima's unified, event-driven solution architecture
- The concept of a "risk-aware CRM"
- Built-in risk management in Altima Prop
#Altima #financemagnates #iFXDubai #FinTech #BrokerTech #PropFirm #CFDBroker #TradingTechnology #RealTimeData #RiskManagement #CRM #FinancialMarkets #EventDrivenArchitecture
Altima CTO Sunil Jadhav sits down with Finance Magnates to discuss the core technology challenges facing CFD brokers and proprietary trading firms today.
Jadhav explains how the industry's reliance on batch processing and fragmented systems (where CRMs, risk tools, and trading platforms operate with separate 'sources of truth') leads to delayed data and inconsistent operational decisions. He argues that real-time event processing is essential for managing fast-moving trading activity and risk.
Learn how Altima's unified, event-driven architecture, connecting Altima CRM, Altima Prop, IB systems, and risk management through a single backbone, is designed to provide synchronous data and better operational coordination for modern brokerage and prop firm stacks.
Key Topics:
- Broker and Prop Firm Data Challenges
- The problem of delayed data processing (batch processing vs. real-time events)
- Fragmented systems and conflicting data sources
- Altima's unified, event-driven solution architecture
- The concept of a "risk-aware CRM"
- Built-in risk management in Altima Prop
#Altima #financemagnates #iFXDubai #FinTech #BrokerTech #PropFirm #CFDBroker #TradingTechnology #RealTimeData #RiskManagement #CRM #FinancialMarkets #EventDrivenArchitecture
