{"id":727557,"date":"2023-02-01T07:06:31","date_gmt":"2023-02-01T12:06:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bitfarms-mines-486-bitcoin-in-january\/"},"modified":"2023-02-01T07:06:31","modified_gmt":"2023-02-01T12:06:31","slug":"bitfarms-mines-486-bitcoin-in-january","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bitfarms-mines-486-bitcoin-in-january\/","title":{"rendered":"Bitfarms Mines 486 Bitcoin in January"},"content":{"rendered":"

\nUpgraded Paraguay farm with 2,888 new miners increasing hashrate 168 PH\/s
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\n This news release constitutes a \u201cdesignated news release\u201d for purposes of the Company\u2019s prospectus supplement dated August 16, 2021, to its short form base shelf prospectus dated August 12, 2021.<\/em>
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TORONTO and BROSSARD, Qu\u00e9bec , Feb. 01, 2023 (GLOBE NEWSWIRE) — Bitfarms Ltd.<\/a> (NASDAQ: BITF \/\/ TSX: BITF<\/u>), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for January 2023.<\/p>\n

\u201cWith our proven best in class operations, well-established corporate infrastructure and team firmly in place, we are excited about the prospects in 2023 for both organic and transactional expansion emerging from the industry downturn,\u201d said Geoff Morphy, CEO of Bitfarms. \u201cIn January, we continued to deliver steady performance amidst a period of macro headwinds and predominantly low BTC prices most of the month. Pursuing a disciplined approach to investment as the industry consolidates and recovers, we expect to benefit in 2023 and into the next halving event in 2024.\u201d<\/p>\n

Ben Gagnon, Chief Mining Officer of Bitfarms, said, \u201cWith 486 BTC mined in January, we increased production by 61% compared to 301 BTC in the same period a year ago and averaged 15.7 BTC mined per day. Two network difficulty increases during the month impacted overall BTC productivity, as network difficulty increased 10.3% on January 15, and by another 4.7% on January 29, for a total of 15.5% in January. Additionally, during the month, we deployed more efficient miners in Paraguay, which added a net 168 petahash per second (PH\/s) near the end of the month.\u201d<\/p>\n

CFO Jeff Lucas added, \u201cDuring January, we continued to proactively increase financial flexibility by reducing indebtedness and capital expenditure obligations. We paid off three of our highest interest rate equipment loans totaling $830,000. These payments furthered our progress towards achieving our strategic objective of deleveraging our balance sheet that we set in June of 2022.\u201d<\/p>\n

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\n Mining Review <\/u>
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While Quebec was warmer in January 2023 than in January 2022, energy curtailment programs impacted production as a normal part of operations during the winter. As a result, Bitfarms temporarily curtailed operations in Quebec, supporting the community by restoring power back to the local grids.<\/p>\n\n\n\n\n\n\n\n\n\n
\n Key Performance Indicators<\/strong>\n <\/td>\n\n Jan. 2023<\/strong>\n <\/td>\n\n Dec. 2022<\/strong>\n <\/td>\n\n Jan. 2022<\/strong>\n <\/td>\n<\/tr>\n
Total BTC Mined<\/td>\n486<\/td>\n496<\/td>\n301<\/td>\n<\/tr>\n
Month End Operating EH\/s<\/td>\n4.7<\/td>\n4.5<\/td>\n2.3<\/td>\n<\/tr>\n
BTC\/ Avg. EH\/s<\/td>\n110<\/td>\n113<\/td>\n158<\/td>\n<\/tr>\n
Operating Capacity (MW)<\/td>\n188<\/td>\n188<\/td>\n116<\/td>\n<\/tr>\n
Hydropower MW<\/td>\n178<\/td>\n178<\/td>\n116<\/td>\n<\/tr>\n
Watts\/Terahash Efficiency (w\/TH)<\/td>\n40<\/td>\n40<\/td>\n44<\/td>\n<\/tr>\n
BTC Sold<\/td>\n486<\/td>\n1,755<\/td>\n2<\/td>\n<\/tr>\n<\/table>\n

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January 2023 Select Operating Highlights<\/u>
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