Bitcoin Miner Bitfarms Reports First Quarter 2023 Results

Key Points:

• Bitfarms mined 1,297 BTC in the first quarter of 2023.
• The miner increased its hashrate from 4.5 EH/s to 4.8 EH/s by adding 3,000 additional miners.
• It also announced $30 million in sales in the first quarter of 2023.

Bitcoin miner Bitfarms expedited its stated timescale for attaining 6 exahash/second (EH/s) of computing capacity as its per-share loss dropped dramatically quarter on quarter.

Bitfarms mined 1,297 BTC in the first quarter of 2023, according to an SEC filing. Nevertheless, the corporation liquidated a significant portion of its holdings (1,267 BTC) to pay off equipment obligations. During the crypto winter last year, Bitfarms had to sell 3,000 BTC to obtain liquidity.

Bitfarms increased their hashrate from 4.5 EH/s to 4.8 EH/s by selling BTC and adding 3,000 additional miners. The miner said that it hopes to achieve the 6 EH/s target by the end of the third quarter, as compared to the earlier objective of 2023. At the conclusion of Q1, its hashrate was 5 EH/s. Nevertheless, the company earlier said that it would achieve 6 EH/s by the end of 2022.

Bitfarms’ net loss per share was reduced to one cent from eight cents the previous quarter, while its gross mining margin increased to 42% from 33% the previous quarter. In the first quarter of 2022, its mining margin was 76%.

The miner recorded sales of $30 million in the first quarter of 2023, up from $27 million the previous quarter and $40 million the year before.

Chief Executive Officer (CEO) Geoff Morphy, who was hired in December 2022 after the resignation of founder Emiliano Grodzki, stated:

“Focused on maintaining financial and operating discipline, we have built strength and flexibility to drive growth and accelerated our 6.0 EH/s target from the end of Q4 2023 to the end of Q3 2023.”

For many months, the company has been collaborating with other miners to deleverage its financial sheet by selling Bitcoin and repaying debts. It warned in January that it could default on part of its loans.

Bitfarms is the owner and operator of blockchain farms, which fuel the worldwide, decentralized financial system. It gives computational power to cryptocurrency networks, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash, in exchange for fees from each network for securing and processing transactions.

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Harold

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