Bitfarms Bitcoin production declined 10% in April despite hashrate growth

Bitcoin (BTC) mining firm Bitfarms said its production decreased 10.6% to 379 BTC in April despite its corporate hashrate growing by 4% to 5.0 EH/s.

Of the mined BTC, the miner sold 349 units of the assets to generate $10.1 million, adding that it reduced its debt by $2 million, leaving a balance of $19 million as of April 30.

According to the May 1 statement, Bitfarms said it was cash flow positive in April due to the improved mining economics. The crypto company noted a net addition of 30 BTC to its treasury in April — bringing its total to 465 BTC ($13.6 million).

Bitfarms Bitcoin production

Bitfarms Bitcoin productionSource: Bitfarms

Bitfarms regain compliance with Nasdaq

Bitfarms said it had regained compliance with Nasdaq listing requirements, according to a May 1 statement.

In December 2022, Nasdaq told Bitfarms that its common stock no longer complied with the minimum bid price requirement of $1.00 over the previous 30 consecutive trading days. The firm risked its stock being delisted if it failed to trade above $1 for at least ten days in the next six months.

However, Bitfarm said Nasdaq determined that its stock traded above the $1 benchmark for 13 consecutive days between April 11 and April 27. During the period, Bitfarms stock traded between $1.10 and $1.25, according to Google Finance data.

The stock is trading for $1.14 after falling 2.16% in the last 24 hours.

Bitfarms 6.0 EH/s growth target on course

Despite the declined monthly BTC production, Biftarms CEO Geoff Morphy said the company is on course to meet its 6.0 EH/s growth target for 2023 as its operation in Argentina is now “fully permitted.”

Morphy said:

“Our private power producer in Argentina is now fully permitted to provide up to 100 MW, and we are able to begin purchasing power under this agreement at prices expected to be below $0.03 per KWh. With the permitting milestone achieved, we are positioned to expand in Rio Cuarto with sourced power costs that should reduce our average cost of power and realize our growth target of 6.0 EH/s in 2023.”

The chief mining officer of the firm, Ben Gagnon, pointed out that the company’s acquisition of an “additional 650 PH/s of new Bitmain and MicroBT miners” would increase its total hashrate by 13% within the coming months.

Besides that, Morphy revealed that the company has entered into agreements to acquire 22 MW of hydropower capacity in Quebec. This agreement would help to drive its growth and its renewable energy portfolio.

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