Bitfarms mined 1,297 BTC in Q1 2023

In the first quarter of 2023, Bitfarms mined 1,297 BTC at an average direct cost of $12,500 per BTC.

Bitfarms Reports Q1 2023

— Accelerates 6.0 EH/s target to September 30, 2023 —

— Mines 21,000+ BTC since inception and 1,297 BTC in Q1

— Posts direct cost of production of $12,500 per BTC Q1 2023 —

— Achieves 5.0 EH/s in April 2023 —

? Press Release: https://t.co/w9cLuiTwqL pic.twitter.com/YgpOB9u8Vq

— Bitfarms (@Bitfarms_io) May 15, 2023

The all-in cost of production per BTC was $17,600, while the average sale price of the asset was $22,500.

During the reporting period, Bitfarms deployed about 3,000 miners and increased its hashrate by 7% to 4.8 EH/s. By the following month the firm had raised capacity to 5 EH/s.

“In April we connected additional devices to the power supply in Rio Cuarto, Argentina, as our private electricity provider received permission to provide up to 100 MW of capacity,” explained Bitfarms CEO Jeff Morphy.

The company posted a net loss of $2 million for the quarter, versus $17 million for the prior three months of 2022.

As of March 31, Bitfarms had cash of $29 million and 435 BTC worth about $12 million at that time.

In April the firm mined 379 BTC and, having sold almost all produced bitcoins (for $10 million), increased reserves to 465 BTC. By the end of the month their value stood at about $14 million.

Earlier in March Bitfarms mined 424 BTC, despite lower computing power.