Bitfarms Achieves Significant Growth in Q1 2023

Bitfarms (BITF), one of the world's leading Bitcoin miners, has reported strong growth in Q1 2023. Reflecting its strong operating efficiencies, the company mined 1,297 Bitcoins in Q1 and more than 21,000 Bitcoins since its inception.

Despite the complexity of the crypto industry, Bitfarms has maintained financial and operational discipline. The company reported adjusted EBITDA of $6 million in Q1 2023, a significant increase from $1 million in Q4 2022, primarily due to higher BTC prices and a low operating cost model.

Bitfarms posted a direct production cost of $12,500 per BTC, one of the lowest in the industry, demonstrating its commitment to sustainable growth. The company also achieved a major milestone, reaching 5.0 EH/s in April 2023, further evidence of the steady progress of its operations.

The company also highlighted its major expansion into Rio Cuarto, Argentina, which will provide power to more miners after obtaining licenses to operate up to 100 Megawatts. This expansion, once implemented, along with the acquisition of 22 Megawatts of hydroelectric capacity in Baie-Comeau, Quebec, will demonstrate Bitfarms' commitment to utilizing sustainable clean energy.