Bitfarms’ Global Expansion Leads to Q4 2022 Success

Bitfarms, a leading global cryptocurrency mining company, has achieved significant operational milestones and a strong financial position in Q4 2022. The company has demonstrated its operational excellence through its mining capacity, impressive output, and global presence.

With a mining capacity of 188 MW at 4.7 EH/s, Bitfarms has mined a total of 5,167 BTC in 2022 and an additional 873 BTC by February 2023. This impressive output has enabled the company to secure approximately 2% of the entire Bitcoin network. Bitfarms’ mining operations span across 10 farms in four countries, showcasing its global reach and commitment to growth.

On the financial front, Bitfarms has maintained one of the lowest direct costs of production in the industry. The company has generated positive cash flow from its mining operations and reported $1M in Adjusted EBITDA for Q4 2022. Bitfarms has also focused on reducing debt leverage throughout 2022, ensuring a flexible balance sheet and ample financing resources.

This strong market position highlights Bitfarms’ dedication to operational efficiency and its ability to maintain competitiveness in the rapidly evolving cryptocurrency mining industry.