TechFlow news, according to an official blog post, Bitcoin mining company Bitfarms announced it mined 1,297 BTC in the first quarter of 2023. Total revenue for the first quarter was $30 million, compared to $27 million in the fourth quarter of 2022. Mining gross profit was $12 million with a mining gross margin of 42%, compared to $8 million and 33% in the fourth quarter of 2022.
As of March 31, 2023, Bitfarms held $29 million in cash and 435 BTC, valued at approximately $12 million. During the first quarter, Bitfarms sold 1,267 bitcoins at an average price of $22,500 per BTC, generating $28 million in proceeds, part of which was used to repay equipment-related debt. Additionally, Bitfarms expects to reach its hashrate target of 6 EH/s by the end of the third quarter.
