Cryptocurrency

Bitfarms Bitcoin production declined 10% in April despite hashrate growth

Bitcoin (BTC) mining firm Bitfarm sees production fall 10.6% to 379 BTC in April despite a 4% increase in the company’s hashrate to 5.0 EH/s. I said it was.

Of the mined BTC, miners sold 349 units of assets, earning $10.1 million, reducing debt by $2 million, leaving a balance of $19 million as of April 30, he added.

According to May 1st statement, Bitfarms said cash flow was positive in April due to an improving mining economy. The crypto firm recorded a net addition of 30 BTC to its finances in April, bringing the total to 465 BTC ($13.6 million).

Source: Bitfarm

Bitfarm regains compliance with Nasdaq

bitfarm Said The company has reinstated compliance with Nasdaq listing requirements, according to a May 1 statement.

In December 2022, Nasdaq told Bitfarms that in the past 30 consecutive trading days, the company’s common stock no longer complies with the $1.00 minimum bid price requirement. The stock risked delisting if it did not trade above $1 for at least 10 days.

However, according to Bitfarm, Nasdaq determined that the company’s stock traded above the $1 benchmark for 13 days from April 11th to April 27th. During this period, Bitfarm’s stock traded between $1.10 and $1.25, he said, according to Google Finance. data.

The stock is trading at $1.14 after falling 2.16% over the past 24 hours.

Bitfarms 6.0 EH/s growth target on track

Biftarms CEO Geoff Morphy said the company is on target for 6.0 EH/s in 2023 because it is now “fully allowed” to operate in Argentina, despite a decline in monthly BTC production. said it expects to achieve its growth target of

Morphy said:

“Argentine private power producers are now fully licensed to deliver up to 100 MW of electricity, and under this agreement will be able to purchase power at a price expected to be below $0.03 per KWh. With the permitting milestone achieved, we are expanding at Rio Cuarto, reducing our average cost of electricity and expanding with a source electricity cost that allows us to meet our growth target of 6.0 EH/s in 2023. can.”

The company’s chief mining officer, Ben Gagnon, pointed out that the total hashrate will increase by 13% in the coming months as the company acquires “an additional 650 PH/s of new Bitmain and MicroBT miners.” .

In addition, Morphy has revealed that it has signed an agreement to acquire 22 MW of hydropower capacity in Quebec. The deal will help drive the company’s growth and renewable energy portfolio.

Bitfarms’ bitcoin production fell by 10% in April, even though hashrate growth first appeared on CryptoSlate.

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