Bitfarms (TSX-V:BITF) shares moved higher after the Bitcoin miner reported that it increased production to 446 Bitcoin in December, up 13.8% from the previous month.
The company said it sold 444 of the Bitcoin earned for proceeds of $18.9 million.
It said it also increased its hashrate by 44% for the year ended in December to 6.5 exahash (EH/s), exceeding its guidance, and expanded its total contracted capacity to 593 megawatts (MW) for the year.
It is on track to achieve 12 EH/s and 25 watts per gigahash (w/TH) fleet efficiency in the second quarter of 2024, Bitfarms (TSX-V:BITF) added.
“In 2024, we expect our core focus to be on executing our Bitmain T21 miner fleet upgrade plan and driving rapid improvements in hashrate and energy efficiency in the first half of 2024,” Bitfarms (TSX-V:BITF) chief mining officer Ben Gagnon said in a statement.
“Our proven capabilities in building and operating facilities will be fully utilized next year as we deploy our largest order of miners to date, driving energy efficiency to 25 w/TH and seeking a larger share of the Bitcoin mining network.”
Bitfarms shares were up 12% at US$3.26 before Tuesday’s opening bell.