08:21 AM EDT, 05/01/2024 (MT Newswires) -- Bitfarms ( BITF ) , a Bitcoin mining company, on Wednesday reported a decline in production for April and gave an update on its fleet upgrade and expansion.

Bitfarms ( BITF ) said it earned 269 bitcoin in April, dropping from 286 mined in March and 379 mined in April 2023. The company attributed the decline to the impact of the bitcoin halving in April, as well as a 5.9% increase in network difficulty compared to March.

Bitfarms ( BITF ) also cited turbine maintenance in Argentina, which temporarily lowered available capacity at Rio Cuarto from 54 MW to 21 MW.

Bitfarms ( BITF ) also noted that its transformative fleet upgrade and expansion plan at the Paso Pe operation in Paraguay is on track to deliver 21 Exahashes per second (EH/s) and 21 watts per Terahash (w/TH) in 2024.

"With these deployments, we expect to reach approximately 10 EH/s and 28 w/TH in May and remain on schedule to reach our mid-year target of 12 EH/s and 25 w/TH in [the second quarter]," Chief Mining Officer Ben Gagnon said.

The company's share price fell 0.6% to US$1.78 per share at last look in U.S. pre-market trading.