Bitcoin (BTC) mining company Bitfarms said its bitcoin production in the first quarter of this year increased by 35% to 1,297 BTC compared to the same period last year.
on April 3rd statementBitfarms detailed how Bitcoin’s improved price performance has helped strengthen its balance sheet and reduce its debt.
Bitfarms BTC Production Increases 17% YoY
According to Bitfarms, bitcoin production grew 17% year-on-year to 424 BTC in March, despite energy cut problems in Quebec and Paraguay.
“An average of 13.7 BTC is mined each day, equivalent to about $390,000 per day, or about $12.1 million per month.”
In March, BTC miners said they sold 394 BTC for $9.7 million at an average selling price of $24,700 per BTC. Bitfarms has reduced its debt by $2 million, adding that he had $21 million left in the balance as of March 31.
The company explained that weather conditions in Quebec and Paraguay affected operations, leading to energy savings.
Meanwhile, miners say they have 435 BTC (around $12.4 million) in storage. He also has $29 million in cash and equivalents, and he has a $22 million line of credit for upfront deposits that will be applied against future minor purchase commitments.
Bitfarms CEO said about the company: [its] March 2023 financial situation reflects stable production and rising BTC price. “
“424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.”
The company’s chief mining officer, Ben Gagnon, added:
“[Bitfarms] We have successfully piloted new features in our proprietary management system to track real-time energy consumption by individual miner. Real-time tracking enables machine optimization and will be rolled out company-wide in April. “
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