As the price of bitcoin recovered in the first quarter of 2023, mining company Bitfarms sold $28.5 million worth of bitcoin (BTC) to pay off its debts.

Bitcoin’s rally in the first quarter of the year came as a relief to bitcoin miners. After the collapse of FTX, mining companies struggled for profitability. Some even filed for bankruptcy.

Bitfarms records a total loss of $8.4 million

According to the SEC filingBitfarms mined 1,297 BTC in the first quarter of 2023. But the company sold a large portion – 1,267 BTC – to pay off equipment debts. Last year, Bitfarms had to sell 3,000 BTC to increase liquidity during the crypto winter.

Besides selling BTC, Bitfarms added 3,000 new miners to increase the hash rate from 4.5 EH/s to 4.8 EH/s. Mining company announce They aim to reach the 6.0 EH/s milestone by the end of September 2023.

The hash rate is the computational power of bitcoin mining.

Chief Executive Officer (CEO) Jeff Murphy, who was appointed in December 2022 following the resignation of founder Emiliano Grodzki, said:

By focusing on maintaining financial and operational discipline, we have built the strength and resilience to drive growth and accelerate our goal of 6.0 EH/s from the end of the fourth quarter of 2023 to the end of the third quarter of 2023.

Finally, Bitfarms reported revenue of $30 million, up nearly 10% from the previous quarter’s revenue. The stock is currently trading at $1.08, 8% higher than Friday’s closing price.

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