According to Bitfarms, it sold 394 Bitcoin for a total of $9.7 million at an average selling price of $24,700 per BTC. As of March 31st, the company still had 435 Bitcoin.
The company that mines bitcoins (BTC), Bitfarms, reported that its BTC output increased 35% to 1,297 BTC in the first quarter of this year compared to the same period last year.
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Bitfarms explained in a statement dated April 3 how Bitcoin’s improved price performance helped it strengthen its balance sheet and lower its debt obligations.
Bitfarms BTC Production Rise 17% YOY
Despite the energy curtailment issues it encountered in Quebec and Paraguay, Bitfarms reports that its Bitcoin production increased 17% on the year-over-year metrics in March to 424 BTC.
“13.7 On average, BTC was mined every day, producing about $390,000 daily and $12.1 million monthly.”
The Bitcoin miner reported selling 394 BTC for a total of $9.7 million in March at an average selling price of $24,700 per BTC. According to Bitfarms, it reduced its debt obligations by $2 million, leaving a balance of $21 million as of March 31.
The business claimed that weather in Quebec and Paraguay had an impact on its operations and caused energy shortages.
The miner claimed to be in possession of 435 BTC, or roughly $12.4 million, at the moment. It also has a $22 million credit line for pre-paid deposits that can be used to pay for future miner purchase agreements in addition to holding $29 million in cash and its equivalents.
Bitfarms CEO said the firm “improved [its] financial position in March 2023, showing a steady production and rising BTC value.”
“424 new BTC was mined, up 16.8% from February 2023 and 9.6% from March 2022.”
The chief mining officer of the firm, Ben Gagnon, added:
“[The new feature that allows Bitfarms to track individual miner energy consumption in real time was successfully piloted. In April, the company will implement real-time tracking, which enables machine optimization.”
