{"id":78900,"date":"2023-05-17T17:46:36","date_gmt":"2023-05-17T14:46:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78900"},"modified":"2025-09-11T08:01:00","modified_gmt":"2025-09-11T05:01:00","slug":"bitfarms-mined-1297-btc-in-q1-2023","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitfarms-mined-1297-btc-in-q1-2023\/","title":{"rendered":"Bitfarms mined 1,297 BTC in Q1 2023"},"content":{"rendered":"<p>In the first quarter of 2023, Bitfarms mined 1,297 BTC at an average direct cost of $12,500 per BTC.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Bitfarms Reports Q1 2023<\/p>\n<p>\u2014 Accelerates 6.0 EH\/s target to September 30, 2023 \u2014<\/p>\n<p>\u2014 Mines 21,000+ BTC since inception and 1,297 BTC in Q1<\/p>\n<p>\u2014 Posts direct cost of production of $12,500 per BTC Q1 2023 \u2014<\/p>\n<p>\u2014 Achieves 5.0 EH\/s in April 2023 \u2014<\/p>\n<p>? Press Release: <a href=\"https:\/\/t.co\/w9cLuiTwqL\">https:\/\/t.co\/w9cLuiTwqL<\/a> <a href=\"https:\/\/t.co\/YgpOB9u8Vq\">pic.twitter.com\/YgpOB9u8Vq<\/a><\/p>\n<p>\u2014 Bitfarms (@Bitfarms_io) <a href=\"https:\/\/twitter.com\/Bitfarms_io\/status\/1658194175123136532?ref_src=twsrc%5Etfw\">May 15, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The all-in cost of production per BTC was $17,600, while the average sale price of the asset was $22,500.<\/p>\n<p>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.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In April we connected additional devices to the power supply in Rio Cuarto, Argentina, as our private electricity provider received permission <a href=\"https:\/\/forklog.com\/en\/news\/bitfarms-to-expand-bitcoin-mining-capacity-in-argentina-to-100-mw\">to provide up to 100 MW<\/a> of capacity,&#8221; explained Bitfarms CEO Jeff Morphy.<\/p>\n<\/blockquote>\n<p>The company posted a net loss of $2 million for the quarter, versus $17 million for the prior three months of 2022.<\/p>\n<p>As of March 31, Bitfarms had cash of $29 million and 435 BTC worth about $12 million at that time.<\/p>\n<p>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.<\/p>\n<p>Earlier in March Bitfarms <a href=\"https:\/\/forklog.com\/en\/news\/bitfarms-reports-424-btc-mined-in-march\">mined 424 BTC<\/a>, despite lower computing power.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first quarter of 2023, Bitfarms mined 1,297 BTC at an average direct cost of $12,500 per BTC.<\/p>\n","protected":false},"author":1,"featured_media":78901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,1137],"class_list":["post-78900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78900"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78900\/revisions"}],"predecessor-version":[{"id":78902,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78900\/revisions\/78902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78901"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}