{"id":758683,"date":"2023-05-15T07:06:48","date_gmt":"2023-05-15T11:06:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bitfarms-reports-first-quarter-2023-results-with-adjusted-ebitda-of-6-million\/"},"modified":"2023-05-15T07:06:48","modified_gmt":"2023-05-15T11:06:48","slug":"bitfarms-reports-first-quarter-2023-results-with-adjusted-ebitda-of-6-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bitfarms-reports-first-quarter-2023-results-with-adjusted-ebitda-of-6-million\/","title":{"rendered":"Bitfarms Reports First Quarter 2023 Results with Adjusted EBITDA of $6 Million"},"content":{"rendered":"
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-Accelerates 6.0 EH\/s target to September 30, 2023 –
-Mines 21,000+ BTC since inception, 1,297 BTC in Q1 2023 and 379 in April 2023 –
-Posts direct cost of production of $12,500 per BTC Q1 2023 –
-Achieves 5.0 EH\/s in April 2023 –<\/p>\n

\n This news release constitutes a \u201cdesignated news release\u201d for the purposes of the Company\u2019s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.<\/em>\n <\/p>\n

TORONTO, Ontario and BROSSARD, Qu\u00e9bec, May 15, 2023 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF \/\/ TSX: BITF), a vertically integrated global bitcoin company, reported its financial results for the first quarter ended March\u00a031, 2023. All financial references are in U.S. dollars.<\/p>\n

During the first quarter of 2023, Bitfarms mined 1,297 BTC. \u201cFocused on maintaining financial and operating discipline, we have built strength and flexibility to drive growth and accelerated our 6.0 EH\/s target from the end of Q4 2023 to the end of Q3 2023,\u201d said President and CEO of Bitfarms Geoff Morphy. \u201cWith our foundation and momentum, we expect to seize opportunities both today and around the next Bitcoin halving which is approaching in April 2024.\u201d<\/p>\n

Morphy noted, \u201cIn Q1 2023, as BTC prices improved, our low operating cost model drove Adjusted EBITDA to over $6 million, up from $1 million in Q4 2022. Averaging 14.4 BTC mined per day in Q1 2023, we reached 1,297 BTC for the quarter and exceeded 21,000 BTC mined by hydropower since inception through May 7, 2023. Continuing to position ourselves for opportunistic growth, we increased financial liquidity and flexibility by paying down indebtedness and retaining a portion of BTC from production. We are confident our Q1 2023 direct cost of production per BTC*** of $12,500 remains among the lowest in the industry, and our total average cash cost of production of $17,600 was well below our average BTC sales price of $22,500 in Q1 2023. During the quarter, we increased our hashrate by 7% to 4.8 EH\/s as of March 31, 2023, and then hit 5.0 EH\/s as of April 27, 2023.\u201d<\/p>\n

\u201cIn April 2023, we began energizing additional miners in Rio Cuarto, Argentina, as our private power provider received its operating permit to power up to 100 MW. Initially, we expanded from 8 to 18 operating MW at our built 50 MW warehouse at this location, and additional miners are on order to ramp production to its full capacity. Using a combination of cash and vendor credits to purchase new miners at an average price of\u00a0$14.10\/TH, we anticipate this will be a highly accretive expansion requiring little incremental capital,\u201d added Morphy.<\/p>\n

\n Financial Highlights for the Quarter ended <\/strong>
\n March\u00a031, 2023<\/strong>\n <\/p>\n