The impact of the fourth Bitcoin halving has led Bitfarms to report its lowest monthly earnings in over two years.

The mining firm earned 269 Bitcoin (BTC) in mining rewards and transaction fees in April 2024. The company is undergoing a $240 million upgrade for its Bitcoin mining equipment in an effort to remain profitable amid permanently reduced rewards.

Once the upgrade — which involves the acquisition of 88,000 highly efficient Bitcoin miners — is completed, Bitfarms will triple its current hash rate capacity to 21 exahashes per second (EH/s).

Bitfarms’ April production update shows that the company improved its corporate energy efficiency by 9% to 31 watts per terahash (w/TH).

In addition to its 269 BTC monthly earnings (roughly $15.5 million), Bitfarms expects a $23.7 million value-added tax (VAT) refund from Canada. Sharing an update on its fleet upgrade, Bitfarms chief mining officer Ben Gagnon said:

“In April, we fully upgraded two farms in Québec (Canada) with Bitmain T21 miners, improving energy efficiency by 51% at those farms and 9% on a company-wide basis.”

The Bitcoin halving resulted in a 5.9% increase in network difficulty compared to March, further impacting the earnings of all miners. For Bitfarms, ongoing turbine maintenance in Argentina further temporarily lowered its monthly mining capacity.

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The April earnings of 269 BTC for Bitfarms were 6% lower than the previous month and 29% lower year-over-year.

Considering that Bitfarms earned 9 BTC per day, its daily earnings amounted to roughly $551,700, based on a BTC price of $61,300 on April 30, 2024.

In the first three months of 2024, Bitfarms earned 357 BTC, 300 BTC and 286 BTC, respectively. Additionally, Bitfarms’ treasury increased its Bitcoin holdings from 806 BTC to 830 BTC in April. 

Check out Cointelegraph’s beginner’s guide to learn more about Bitcoin mining.

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