Bitcoin Miner Bitfarms Accelerates 6 EH/s Hashrate Target As Quarterly Loss Per Share Narrows


Bitcoin miner Bitfarms (BITF) accelerated its acknowledged timeframe for reaching 6 exahash/second (EH/s) of computing energy, as its per-share loss narrowed considerably quarter-on-quarter, in keeping with a press launch on Monday.

The miner mentioned that it expects to hit the 6 EH/s purpose by the top of the third quarter, versus its earlier purpose of 2023-end. Its hashrate stood at 5 EH/s on the finish of Q1. Nevertheless, the agency had beforehand mentioned it could attain 6 EH/s on the finish of 2022.

On the time of writing, the miner’s shares have been up 7% in pre-market buying and selling.

Bitfarms noticed its internet loss per share narrowed considerably to 1 cent, from 8 cents the quarter earlier than, whereas its gross mining margin improved to 42%, from 33% the earlier quarter. Its mining margin was 76% in Q1 2022.

The miner reported income of $30 million within the first quarter in 2023, in contrast with $27 million the quarter earlier than and $40 million the yr prior.

The Canadian agency has been working to deleverage its steadiness sheet for a number of months, together with different miners, by promoting bitcoin and paying down its loans. In January, it warned it would default on a few of its debt.

As much as April 2023, Bitfarms has offered 1,646 bitcoins (BTC) for $38 million.

Learn extra: Bitcoin Miner Bitfarms Begins Manufacturing in Argentina, Will increase Hashrate to 4.1 EH/s

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