Bitfarms CEO Announces Over 100% Hashrate Increase and achieved a cost of production of $10,000 per BTC

In 2022, Bitfarms achieved a direct cost of production of $10,000 per BTC. The company anticipates a 30% increase in hashrate to 6.0 EH/s with its existing portfolio by the end of the year. Additionally, Bitfarms has started rehabilitating older and mid-generation equipment, which will restore approximately 80 PH/s of production at a capital cost of around US$5 per TH/s.

Ranked among the most cost-effective publicly traded BTC mining companies, Bitfarms is committed to delivering superior performance while maintaining high mining, operating, and accounting standards. Over the past nine months, the company has constructed and commissioned three new farms in Canada, optimized existing operations, and improved financial flexibility.

According to Bitfarms President and CEO Geoff Morphy, these initiatives contributed to increasing the company's hashrate to 4.5 EH/s as of December 31, 2022, over 100% growth from the beginning of 2022. 

Earlier, the company announced that it has mined over 20,000 BTC since its inception through February 2023. The company mined 1,434 BTC in the fourth quarter of 2022 and a total of 5,167 BTC throughout the year. Bitfarms operates five industrial-scale facilities in Quebec, offering a diversified production platform.