Bitfarms Achieves Significant Growth in Q1 2023

Bitfarms Ltd., a leading global Bitcoin mining company, has reported robust growth in Q1 2023. The company mined 1,297 BTC in the first quarter and over 21,000 BTC since its inception, reflecting its robust operational efficiency.

Despite the complexities of the crypto industry, Bitfarms has maintained financial and operational discipline. The company reported an Adjusted EBITDA of $6 million in Q1 2023, a significant increase from $1 million in Q4 2022, largely due to improved BTC prices and a low operating cost model.

Bitfarms demonstrated its commitment to sustainable growth by posting a direct production cost of $12,500 per BTC, one of the lowest in the industry. The company also achieved a significant milestone by reaching 5.0 EH/s in April 2023, further indicating the steady progress of its operations.

The company also highlighted its major expansion in Rio Cuarto, Argentina, where additional miners were energized following the receipt of an operating permit for up to 100 MW. This expansion, coupled with the acquisition of 22 MW of hydropower capacity in Baie-Comeau, Quebec, demonstrates Bitfarms’ commitment to leveraging sustainable and locally based energy sources.