Bitfarm’s Q1 Bitcoin production rose 35% to 1,297 BTC YOY
Bitcoin (BTC) mining firm Bitfarms said BTC production increased by 35% to 1,297 BTC in the first quarter of the year compared to what it produced in the same period last year.
In an April 3 statement, Bitfarms described how Bitcoin’s improved price performance helped it strengthen its balance sheet and reduce its debt obligations.
Bitfarms BTC production increases by 17% year-on-year
According to Bitfarms, Bitcoin production increased by 17% year-on-year in March to 424 BTC despite the energy limitation issues it had in Quebec and Paraguay.
“13.7 BTC are mined daily on average, equivalent to about $390,000 per day and about $12.1 million for the month.”
In March, the BTC miner said it sold 394 BTC at an average selling price of $24,700 per BTC for $9.7 million. Bitfarms added that it reduced its debt obligations by $2 million, leaving a balance sheet of $21 million as of March 31.
The firm explained that weather conditions in Quebec and Paraguay affected operations, leading to energy constraints.
Meanwhile, the miner said it has 435 BTC in custody — about $12.4 million. It also has $29 million in cash and cash equivalents and has a $22 million line of credit for prepaid deposits to be used against future miner purchase agreements.
Bitfarms CEO said the firm was “improving [its] financial position in March 2023, reflecting stable production and an increasing BTC price.”
“424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.”
The head of mining at the firm, Ben Gagnon, added:
“[Bitfarms] piloted a new feature in our proprietary management system to track real-time energy consumption on an individual miner basis. Real-time tracking enables machine optimization and is planned to be deployed across the company in April.”
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