Bitfarms (TSX-V:BITF) Ltd has announced that its first-quarter 2023 net loss narrowed to US$0.01 per share from an $0.08 per-share deficit during the previous quarter, as the Bitcoin (BTC) miner sped up its stated timeframe for reaching 6 exahash/second (EH/s) of computing power to the end of the third quarter from its previous goal of year’s end.
The company generated revenue of US$30 million during 1Q, up from US$27 million in 4Q but less than the US$40 million it recorded a year earlier.
“In 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,” Bitfarms (TSX-V:BITF) CEO Geoff Morphy said in a statement.
“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,” he added.
Bitfarms (TSX-V:BITF) noted that it ended the quarter with US$29 million in cash and 435 BTC valued at about $12 million, based upon a BTC price of approximately $28,500, as of March 31, 2023.
In January, the company warned it might default on some of its debt.
Shares of Bitfarms (TSX-V:BITF) rose more than 5% to $1.39 in early Monday trading on the TSX.
Contact Sean at sean@proactiveinvestors.com