Bitcoin (BTC) mining company Bitfarms said its production of BTC increased by 35% to 1,297 BTC in the first quarter of the year compared to what it produced during the same period of the year. last.
In an April 3 statementBitfarms detailed how Bitcoin’s improved price performance helped it strengthen its balance sheet and reduce debt.
Bitfarms BTC production increases 17% YoY
According to Bitfarms, its Bitcoin production increased 17% on year-over-year metrics in March to 424 BTC despite the energy curtailment issues it faced in Quebec and Paraguay.
“13.7 BTC mined daily on average, which equates to around $390,000 per day and around $12.1 million for the month.”
In March, the BTC miner reported selling 394 BTC at an average selling price of $24,700 per BTC for $9.7 million. Bitfarms added that it had reduced its debt by $2 million, leaving a balance of $21 million as of March 31.
The company explained that the weather conditions in Quebec and Paraguay had an impact on its operation, leading to power cuts.
Meanwhile, the miner said he had 435 BTC in custody, or around $12.4 million. He also holds $29 million in cash and cash equivalents and has a $22 million line of credit for prepaid deposits to apply to future miner purchase agreements.
The CEO of Bitfarms said that the company “improved (its) financial situation in March 2023, reflecting stable production and an increase in the price of BTC”.
“424 new BTC mined, up 9.6% from March 2022 and 16.8% from February 2023.”
The firm’s mining director, Ben Gagnon, added:
“(Bitfarms) has successfully piloted a new feature in our proprietary management system to track real-time energy consumption based on an individual miner. Real-time tracking helps optimize machines and should be rolled out company-wide in April.