Bitcoin Miner Bitfarms Lowers Hashrate Outlook to 6 EH/s This Year

The miner is still assessing other opportunities to expand its capacity to as much as 8 EH/s by the end of the year.

AccessTimeIconMay 16, 2022 at 2:05 p.m. UTC
Updated May 11, 2023 at 5:43 p.m. UTC

Canadian bitcoin miner Bitfarms (BITF) lowered its 2022 hashrate guidance to 6 exashash per second (EH/s) from 7.2 EH/s previously, citing adjustments to its ongoing expansion projects.

  • The company’s existing infrastructure construction contracts are projected to provide capacity for 6 EH/s of miners by year-end 2022, reflecting adjustments to its Argentina construction plan and expansion opportunities in Canada and Paraguay, the miner said in a statement.
  • Previously, the miner said its existing miner orders and contracted infrastructure expansion should allow a hashrate of about 7.2 EH/s, with potential to expand to 8 EH/s by year end.
  • However, Bitfarms is still evaluating opportunities to reach the 8 EH/s expansion goal by 2022, according to the statement.
  • “Our updated development activities in Argentina, Washington, and Quebec continue on track in support of our 2022 quarterly EH/s goals,” said President and Chief Operating Officer Geoff Morphy. “Our business development for 2022 and into 2023 are focused on a broad portfolio of opportunities, with a diversified mix in various regions where we are currently operating as well as new geographies,” he added.
  • The miner’s first-quarter revenue was $40 million which was up 40% from the previous year’s quarter but was down about 33% from the previous quarter due to a decline in the market price of bitcoin in Q1.
  • “We have grown faster than the BTC network, as our hashrate at quarter end was 2.7 Exahash per second (EH/s), up 22% from December 31, 2021,” Morphy said in the statement. “As of today, our hashrate is 3.4 EH/s, representing about 1.5% market share,” he noted.
  • The shares of the miners were down about 1.5% in early trading on Monday, while the price of bitcoin hovered around $30,000, down slightly over the last 24 hours. Bitfarms stock has fallen about 60% this year, in line with most publicly traded crypto miners.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.