Bitfarms Q1 Bitcoin production rose 35% to 1,297 BTC YOY


Bitcoin (BTC) mining agency Bitfarms mentioned its BTC manufacturing elevated 35% to 1,297 BTC within the first quarter of the yr in comparison with what it produced throughout the identical interval final yr.

In an April 3 assertion, Bitfarms detailed how Bitcoin’s improved worth efficiency helped it strengthen its stability sheet and cut back its debt obligations.

Bitfarms BTC manufacturing rise 17% YOY

In line with Bitfarms, its Bitcoin manufacturing elevated 17% on the year-on-year metrics in March to 424 BTC regardless of the power curtailment points it had in Quebec and Paraguay.

“13.7 BTC mined day by day on common, equal to about $390,000 per day and roughly $12.1 million for the month.”

In March, the BTC miner mentioned it bought 394 BTC at a median promoting worth of $24,700 per BTC for $9.7 million. Bitfarms added that it diminished its debt obligations by $2 million, leaving a stability of $21 million as of March 31.

The agency defined that the climate circumstances in Quebec and Paraguay impacted its operation, resulting in power curtailments.

In the meantime, the miner mentioned it holds 435 BTC in custody — roughly $12.4 million. It additionally holds $29 million in money and its equivalents and has a $22 million credit score line for pre-paid deposits to be utilized in opposition to future miner buy agreements.

Bitfarms CEO mentioned the agency “improved [its] monetary place in March 2023, reflecting secure manufacturing and an rising BTC worth.”

“424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.”

The chief mining officer of the agency, Ben Gagnon, added:

“[Bitfarms] efficiently piloted a brand new characteristic in our proprietary administration system to trace actual time power consumption on a person miner foundation. Actual time monitoring permits for machine optimization and is scheduled to be deployed company-wide in April.”

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