2 years ago
Bitcoin (BTC) mining steadfast Bitfarms said its BTC accumulation accrued 35% to 1,297 BTC successful the archetypal 4th of the twelvemonth compared to what it produced during the aforesaid play past year.
In an April 3 statement, Bitfarms elaborate however Bitcoin’s improved terms show helped it fortify its equilibrium expanse and trim its debt obligations.
Source: BitfarmsBitfarms BTC accumulation emergence 17% YOY
According to Bitfarms, its Bitcoin accumulation accrued 17% connected the year-on-year metrics successful March to 424 BTC contempt the vigor curtailment issues it had successful Quebec and Paraguay.
“13.7 BTC mined regular connected average, equivalent to astir $390,000 per time and astir $12.1 cardinal for the month.”
In March, the BTC miner said it sold 394 BTC astatine an mean selling terms of $24,700 per BTC for $9.7 million. Bitfarms added that it reduced its indebtedness obligations by $2 million, leaving a equilibrium of $21 cardinal arsenic of March 31.
The steadfast explained that the upwind conditions successful Quebec and Paraguay impacted its operation, starring to vigor curtailments.
Meanwhile, the miner said it holds 435 BTC successful custody — astir $12.4 million. It besides holds $29 cardinal successful currency and its equivalents and has a $22 cardinal recognition enactment for pre-paid deposits to beryllium applied against aboriginal miner acquisition agreements.
Bitfarms CEO said the steadfast “improved [its] fiscal presumption successful March 2023, reflecting unchangeable accumulation and an expanding BTC price.”
“424 caller BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.”
The main mining serviceman of the firm, Ben Gagnon, added:
“[Bitfarms] successfully piloted a caller diagnostic successful our proprietary absorption strategy to way existent clip vigor depletion connected an idiosyncratic miner basis. Real clip tracking allows for instrumentality optimization and is scheduled to beryllium deployed company-wide successful April.”
The station Bitfarms Q1 Bitcoin accumulation roseate 35% to 1,297 BTC YOY appeared archetypal connected CryptoSlate.
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