• Bitcoin miner Bitfarms (BITF) has accelerated its timeframe for reaching 6 exahash/second (EH/s) of computing power.
• The miner reported a net loss per share of 1 cent, significantly lower than the 8 cents reported in the previous quarter.
• The Canadian firm has been working to deleverage its balance sheet by selling bitcoin and paying down loans.
Bitcoin Miner Bitfarms Accelerates 6 EH/s Hashrate Target
Bitcoin miner Bitfarms (BITF) has announced that it expects to reach its goal of 6 exahash/second (EH/s) of computing power by the end of the third quarter, accelerating its stated timeframe from 2023-end. As of Q1 2023, the miner’s hashrate stood at 5 EH/s.
Quarterly Loss Per Share Narrows
The miner also reported that its net loss per share narrowed significantly to 1 cent, from 8 cents the quarter before, while its gross mining margin improved to 42%, up from 33% in Q4 2022 and 76% in Q1 2022. In terms of revenue, Bitfarms generated $30 million in the first quarter in 2023, compared with $27 million from Q4 2022 and $40 million from Q1 2022.
Working To Deleverage Balance Sheet
Bitfarms has been working to deleverage its balance sheet for several months by selling bitcoin and paying down loans. Up until April 2023, it had sold 1,646 bitcoins (BTC) for $38 million.
Stock Price Rises on News
On news of these developments, Bitfarm’s stock price rose 7% in pre-market trading on May 15th 2023.
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