Bitfarms Boosts Q1 Bitcoin Production by 35% YOY

Bitcoin mining company Bitfarms has reported a 35% increase in its Bitcoin production for Q1, reaching 1,297 BTC. This significant growth is in comparison to the same period last year, and it comes despite energy curtailment issues experienced in Quebec and Paraguay.

In March alone, Bitfarms produced 424 BTC, a 17% year-on-year increase. The company managed to mine an average of 13.7 BTC daily, which amounts to roughly $390,000 per day and approximately $12.1 million for the month.

During the same month, Bitfarms sold 394 BTC at an average selling price of $24,700 per BTC, generating $9.7 million in revenue. As of March 31, the firm has reduced its debt obligations by $2 million, leaving a balance of $21 million.

The company faced operational challenges due to weather conditions in Quebec and Paraguay, resulting in energy curtailments. Nevertheless, Bitfarms still holds 435 BTC in custody, valued at around $12.4 million, as well as $29 million in cash and equivalents. Additionally, the firm has a $22 million credit line for pre-paid deposits to be applied against future miner purchase agreements.

Bitfarms CEO emphasized the company’s improved financial position in March 2023, attributing it to stable production and increasing BTC prices. Bitfarms’ chief mining officer, Ben Gagnon, also announced the successful pilot of a new feature in their proprietary management system, which tracks real-time energy consumption on an individual miner basis. This real-time tracking system is set to be deployed company-wide in April.