Mining Firm Bitfarms Mined 1,297 BTC in Q1 2023

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Bitfarms mined 1,297 BTC with a direct cost of $12,500 per Bitcoin and an average selling price of $22,500 in the first quarter of 2023.

They connected an additional 3,000 miners to their power supply in Rio Cuarto, Argentina, allowing the hashrate to increase by 7%, reaching 4.8 EH/s.

The following month, it was further raised to 5 EH/s. Despite this, the company reported a net loss of $2 million. At the end of the quarter, they had $29 million in capital and 435 BTC worth about $12 million.

In April, they mined 379 BTC, which they sold for $10 million, and their reserves increased to 465 BTC valued at around $14 million.

This was a notable improvement from the previous quarter, in which the firm mined 424 BTC with less computing power.