Bitfarms Accelerates 6 EH/s Hashrate Target, Loses Narrows to 1 Cent

Bitfarms Accelerates 6 EH/s Hashrate Target As Quarterly Loss Per Share Narrows

  • The bitcoin miner Bitfarms has accelerated its timeline for reaching 6 exahash/second (EH/s) of computing power.
  • The firm’s net loss per share narrowed significantly to 1 cent, from 8 cents the quarter before.
  • The miner reported revenue of $30 million in the first quarter of 2023, compared with $27 million the quarter before and $40 million the year prior.

Q1 2023 Results

In Q1 2023, the bitcoin miner’s net loss per share narrowed to 1 cent, from 8 cents the previous quarter. The company also achieved a gross mining margin of 42%, up from 33% in the previous quarter. Revenue for this period was reported at $30 million.

Hashrate Acceleration

As a result of this strong performance, Bitfarms is now aiming to reach its goal of 6 EH/s by the end of Q3 instead of by its original target date at the end of 2023. At present, their hashrate stands at 5 EH/s. In pre-market trading following the announcement, their shares had increased by 7%.

Deleveraging Balance Sheet

To further improve their balance sheet, Bitfarms has been selling Bitcoin and paying down debt since January. As a result they have sold 1,646 bitcoins (BTC) worth $38 million as of April 2023.


Overall, Q1 showed promising results for Bitfarms as they continue to make progress towards their 6 EH/s goal and deleverage their balance sheet. CFO Jeffrey Lucas will provide more details on these metrics and outlook on bitcoin mining during his appearance on “All About Bitcoin” later today

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