TORONTO – Bitfarms Ltd. (NASDAQ: BITF/TSX: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for March 2023.
“We improved our financial position in March 2023, reflecting stable production and an increasing BTC price,” said Geoff Morphy, CEO of Bitfarms. “During the month, we mined 424 BTC, added 30 BTC to treasury, and sold 394 BTC at an average selling price of $24,700 per BTC, in line with improving mining economics and lower debt obligations. Strengthening the Company’s balance sheet and reducing debt further, we ended March with $29 million in cash and equivalents, 435 BTC in custody, $22 million in vendor credits, and just $21 million in total indebtedness.”
Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In March, we increased BTC production 17% year-over-year, even with energy curtailment in Quebec and Paraguay as well as continued network growth. In Q1 2023, BTC price increased by 72%, outpacing network difficultly growth of 32.5%. As a result, industry mining revenue is up 31% dollars per TH in the quarter. Continued rising difficulty levels reflect increasing investment and bullish sentiment in the mining industry overall.”
Energy curtailment in Quebec moderated in March, as warmer weather reduced the load provided back to the local power grids. However, extreme heat in Paraguay resulted in some energy curtailment during mid-March. Cooler temperatures arrived toward month end in the Southern Hemisphere. The table below presents an overview of March 2023 performance metrics as compared to both February 2023 and March 2022.
Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service, and onsite technical repair. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms has 10 mining facilities around the world, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using renewable, locally based, and often underutilized energy infrastructure.