Shares of Crypto Data Firm Rip On Quarterly Results Including Improved Hash Rate

Global vertically integrated Bitcoin data center company Bitfarms Ltd. (TSX:BITF) reported in a press release its financial results for the second quarter ended June 30, 2024.

Bitfarms has made significant progress expanding its geographically diversified portfolio, adding capacity in Paraguay  as well as in Pennsylvania, and energizing the firm’s largest site to date in Paso Pe, Paraguay.

Bitfarms’ new 120 MW site in Pennsylvania provides long-term access to low-cost U.S. energy and flexible power trading options. In South America, Bitfarms energized its 70 MW site in Paso Pe, making it the firm’s largest site by both EH and MW. Bitfarms also signed an agreement for an additional 100 MW in Yguazu, bringing its total contracted power in Paraguay to 280 MW in the first half of 2025 and making Bitfarms the largest miner in the region. South America remains a highly strategic geography for Bitfarms, with favorable power contracts and access to reliable, sustainable energy.

Shares were up up over 11 percent in late morning trade.

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