Seeking Alpha
2023-02-01 12:32:33

Bitfarms January bitcoin production rises 61% Y/Y

Bitfarms ( NASDAQ: BITF ) shares rose over 4% premarket on Wednesday after the bitcoin miner reported 486 BTC production for January, up 61% Y/Y but down 2% from December 2022. Two network difficulty increases during the month impacted overall BTC productivity. On average, 15.7 BTC were mined per day, equivalent to about $362,700 per day and approximately $11.2 million for the month based on a BTC price of $23,100 on January 31, 2023. Month end operating hashrate was 4.7 EH/s, compared to 2.3 EH/s in January 2022 and 4.5 EH/s in Dec. 2022. The company sold 486 BTC in the month, generating total proceeds of $9.7M.

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.