Bitfarms Bitcoin production fell 10% in April despite hashrate growth
Bitcoin (BTC) mining firm Bitfarms said production fell 10.6% to 379 BTC in April despite the company’s hashrate growing 4% to 5.0 EH/s.
Of the mined BTC, the miner sold 349 units of its assets to generate $10.1 million, adding that it reduced its debt by $2 million, leaving a balance of $19 million as of April 30.
According to the May 1 statement, Bitfarms said it was cash flow positive in April due to the improved mining economy. The crypto company recorded a net addition of 30 BTC to the treasury in April – bringing the total to 465 BTC ($13.6 million).
Bitfarms regains compliance with Nasdaq
Bitfarms said it had regained compliance with Nasdaq listing requirements, according to a May 1 statement.
In December 2022, Nasdaq told Bitfarms that its common stock no longer met the minimum bid price requirement of $1.00 over the previous 30 consecutive trading days. The firm risked delisting if the stock failed to trade above $1 for at least ten days in the next six months.
However, Bitfarm said Nasdaq determined the stock traded above the $1 benchmark for 13 consecutive days between April 11 and April 27. During the period, Bitfarms shares traded between $1.10 and $1.25, according to Google Finance data.
The stock is trading at $1.14 after falling 2.16% in the last 24 hours.
Bitfarm’s 6.0 EH/s growth target on course
Despite the reduced monthly BTC production, Biftarm CEO Geoff Morphy said the company is on track to meet its 6.0 EH/s growth target for 2023, as operations in Argentina are now “fully permitted.”
Morphy said:
“Our private power producer in Argentina is now fully authorized to supply up to 100 MW and we can start buying power under this agreement at prices expected to be below $0.03 per KWh. With the permitting milestone achieved, we are positioned to expand in Rio Cuarto with power costs that will reduce our average power costs and realize our growth target of 6.0 EH/si 2023.”
The head of mining at the firm, Ben Gagnon, pointed out that the company’s acquisition of “an additional 650 PH/s of new Bitmain and MicroBT miners” will increase its total hashrate by 13% over the coming months.
In addition, Morphy revealed that the company has entered into agreements to purchase 22 MW of hydropower capacity in Quebec. This agreement will help drive growth and its renewable energy portfolio.
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