Bitcoin (BTC) mining agency Bitfarms stated its BTC production elevated 35% to 1,297 BTC within the first quarter of the 12 months in contrast to what it produced throughout the identical interval final 12 months.
In an April 3 assertion, Bitfarms detailed how Bitcoin’s improved value efficiency helped it strengthen its steadiness sheet and scale back its debt obligations.
Bitfarms BTC production rise 17% YOY
According to Bitfarms, its Bitcoin production elevated 17% on the year-on-year metrics in March to 424 BTC regardless of the power curtailment points it had in Quebec and Paraguay.
“13.7 BTC mined daily on average, equivalent to about $390,000 per day and approximately $12.1 million for the month.”
In March, the BTC miner stated it bought 394 BTC at a median promoting value of $24,700 per BTC for $9.7 million. Bitfarms added that it lowered its debt obligations by $2 million, leaving a steadiness of $21 million as of March 31.
The agency defined that the climate circumstances in Quebec and Paraguay impacted its operation, main to power curtailments.
Meanwhile, the miner stated it holds 435 BTC in custody — roughly $12.4 million. It additionally holds $29 million in money and its equivalents and has a $22 million credit score line for pre-paid deposits to be utilized towards future miner buy agreements.
Bitfarms CEO stated the agency “improved [its] financial position in March 2023, reflecting stable production and an increasing BTC price.”
“424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.”
The chief mining officer of the agency, Ben Gagnon, added:
“[Bitfarms] successfully piloted a new feature in our proprietary management system to track real time energy consumption on an individual miner basis. Real time tracking allows for machine optimization and is scheduled to be deployed company-wide in April.”
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