Bitfarms' 20,000 BTC Milestone Surmounts 2022 Losses
Bitfarms, a leading Bitcoin mining company, announced that it mined 1,434 BTC during the fourth quarter of 2022, bringing its total to over 20,000 BTC since its founding in 2017. Throughout 2022, the company managed to mine a total of 5,167 BTC.
However, Bitfarms reported a net loss of $239 million in 2022, in stark contrast to a net income of $22 million in the previous year. The average production cost per Bitcoin mined increased to $11,100 in Q4 2022, up from $9,600 in Q3 2022. The overall average production cost for the company was around $10,000 per BTC for the entire year.
Bitfarms, recognized as one of the world’s largest public Bitcoin miners in a report from April 2022, continues to contribute significantly to the cryptocurrency mining industry despite facing financial challenges in 2022.