Bitfarms, a Bitcoin mining firm, reported a 35% increase in its production of BTC during the first quarter of the year. This noteworthy rise in Bitcoin production was attributed to a stronger performance of the cryptocurrency's price. In March, the miner sold 394 BTC at an average selling price of $24,700 per BTC, totaling around $9.7 million. This enabled the firm to reduce its debt obligations by $2 million, while increasing the amount of BTC stored in custody to 435 BTC, which is equal to $12.4 million.
Bitfarms CEO outlined that the financial performance of the firm improved significantly in March thanks to its stable production and the increasing Bitcoin price. Additionally, the company's proprietary management system successfully piloted a new feature that permitted for machine optimization by tracking energy consumption on an individual miner basis. This feature is due to be deployed globally in April.
In conclusion, Bitfarms has seen a positive financial jump in the last one year. The miner's production of Bitcoin rose 35 % YOY and it was able to reduce its debt obligations by $2 million, while increasing the amount stored in its custody to 435 BTC. CEO of the firm noted an improvement in the firm's financial position due to stable production and a rising BTC price. To further bolster its safeguarding of miners, Business introduced a feature that offers real time tracking of energy consumption on individual miners. The feature is set to be available worldwide in April.
Liam Smith
- 2023-04-03
Bitfarms Reports Positive Financial Jump in Last One Year
Bitfarms reported a 35% increase in its production of BTC in the first quarter of the year. The miner sold 394 BTC at an average of $24,700 per coin, reducing debt obligations and increasing the amount stored in its custody. To safeguard miners, the firm added a feature for tracking energy consumption for individual miners.
