Bitfarms produced a total of 943 bitcoins in the first quarter, with total revenue of approximately 50 million dollars

2024-05-15 19:49:59

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ChainCatcher news, Bitcoin mining company Bitfarms Ltd. announced its financial performance for the first quarter ending March 31, 2024. In the previous quarter, its hash rate reached 7.0 EH/s, up from 6.5 EH/s in the first quarter of 2024, with an average daily production of 10.4 BTC.

In addition, Bitfarms' total financial revenue for the first quarter of 2024 reached $50 million, a 9% increase from $46 million in the fourth quarter of 2023; the operating loss was $24 million, which includes $19 million in accelerated depreciation of old mining machines, compared to an operating loss of $13 million in the fourth quarter of 2023, which included a non-cash reversal of $1 million in digital asset revaluation losses and $2 million in non-cash impairment expenses.
The company produced a total of 943 bitcoins in the first quarter.

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