Bitfarms provided a Bitcoin production and mining operations update for February 2023. February 2023 Select Operating Highlights: 4.7 EH/s online as of February 28, 2023, up 104% from February 28, 2022 and no change compared to January 31, 2023. 4.25 EH/s average online, compared to 4.42 EH/s in January 2023. 91 BTC/average EH/s, down 17% from 110 in January 2023. 387 new BTC mined, up 30% from February 2022 and down 20% from January 2023. 13.8 BTC mined daily on average, equivalent to about $328,400 per day and approximately $9.2 million for the month based on a BTC price of $23,800 on February 28, 2023. "We are well-positioned for growth in 2023 following our 2022 infrastructure investments, our reduction in cash burn, and our significant deleveraging that began last June," said Geoff Morphy, CEO of Bitfarms. "In strengthening our balance sheet, we increased our financial flexibility to pursue strategic growth opportunities that we believe are emerging as a result of persistent and challenging industry dynamics. In addition, with $22.4 million in credits for the purchase of miners and 40 MW of built capacity at our Argentina farm, as soon as miners can be imported there, we will require minimal capital outlays to bring on substantial additional production."
Published first on TheFly
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