Bitfarms reports 424 BTC mined in March

In the past month, the mining company Bitfarms mined 424 BTC, versus 387 BTC in February and 363 BTC in March 2022. This is stated in the press release.

From the mined amount, the firm sold 394 BTC at an average of $24,700. Revenue amounted to $9.7 million. abandoned its hodling strategy in June 2022, becoming one of the leaders in volumes of liquidations of cryptocurrency reserves among public mining companies.

According to the report, Bitfarms held 435 BTC worth about $12.4 million, based on a price of $28,500 as of March 31, 2023. For the same period, the company had cash and cash equivalents of $29 million.

For the quarter, Bitfarms mined 1,297 BTC, versus 962 BTC in the analogous period in 2022. The hashrate at the end of last month stood at 4.8 EH/s.

Earlier, the company paid off the remaining BlockFi loan of $21 million with a one-time cash payment of $7.75 million.

In March, the total revenue of bitcoin miners rose by 21%. The figure reached $757.8 million, the highest level in the last ten months, according to ForkLog’s analytical report.