CandleFocus

Bitcoin Miner Bitfarms Shoots Up in Pre-Market Trading

Author: Alice Taylor
Bitcoin miner Bitfarms (BITF) announced on Monday that it is expecting to reach its goal of 6 exahash/second (EH/s) of computing power by the end of the third quarter due to accelerated stated timeframe. This is while its hashrate stood at 5 EH/s at the end of Q1. Additionally, its shares were up 7% following the news.

The pre-market trading surge was triggered by the miner's first quarter 2023 performance with higher gross mining margins and narrower net per-share loss. Bitfarm's net loss per share was reported to be 1 cent, compared to 8 cents in the preceding quarter and its gross mining margin improved to 42% from 33%. Furthermore, its revenue was recorded at $30 million.

Further looking into the miner's balance sheet, it has been working to deleverage its loans by selling bitcoins. In January 2023, Bitfarms stated that could lead to a potential default on some of its debt, yet it is reported that up to April the miner has sold 1,646 bitcoins (BTC) for $38 million.

To conclude, with the accelerated reaching of computing power and improvement in first quarter performance, Bitcoin miner Bitfarms sent its shares soaring in pre-market trading. The company has been making strides to lessen its loan obligations by selling bitcoins. With the current record of success, Bitfarms is slowly but surely heading towards financial stability.

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