Bitfarms reported 424 BTC production for MarchBitfarms mining company mined 424 BTC last month compared to 387 BTC in February and 363 BTC in March 2022. This is stated in a press release.
Of the volume mined, the firm sold 394 BTC at an average of $24,700. Revenue was $9.7 million. Bitfarms abandoned its hodling strategy in June 2022, becoming one of the leaders in liquidating cryptocurrency reserves among publicly traded mining companies.
According to the report, Bitfarms holds 435 BTC totaling about $12.4 million, based on a price of $28,500 as of March 31, 2023. As of the same period, the company had $29 million in cash and cash equivalents.
Bitfarms mined 1,297 BTC during the quarter versus 962 BTC during the same period in 2022. The hash rate at the end of last month was 4.8 EH/s.
Earlier, the company repaid the balance of the loan from BlockFi totaling $21 million in a one-time cash payment of $7.75 million.
As a reminder, total bitcoin miners' revenue rose 21% in March. The figure reached $757.8 million, the highest value in the last ten months, according to a ForkLog analyst report.
