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Bitfarms mines 424 new bitcoin in March
The Fly

Bitfarms mines 424 new bitcoin in March

Bitfarms provided a Bitcoin, BTC, production and mining operations update for March 2023. Select operating highlights: 4.8 EH/s online as of March 31, 2023, up 78% from March 31, 2022 and up 2% compared to February 28, 2023. 4.6 EH/s average online, compared to 4.3 EH/s in February 2023. 91.4 BTC/average EH/s, up marginally from 91 in February 2023. 424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023. 13.7 BTC mined daily on average, equivalent to about $390,000 per day and approximately $12.1 million for the month, based on a BTC price of $28,500 on March 31, 2023. "We improved our financial position in March 2023, reflecting stable production and an increasing BTC price," said Geoff Morphy, CEO of Bitfarms. "During the month, we mined 424 BTC, added 30 BTC to treasury, and sold 394 BTC at an average selling price of $24,700 per BTC, in line with improving mining economics and lower debt obligations. Strengthening the Company’s balance sheet and reducing debt further, we ended March with $29 million in cash and equivalents, 435 BTC in custody, $22 million in vendor credits, and just $21 million in total indebtedness."

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