Bitfarms' March mined BTC expands 16.8% Y/Y, 9.6% M/M

Bitfarms ( NASDAQ: BITF ) mined 424 new BTC in March 2023 compared to 387 BTC in February 2023 and 363 in March 2022; it sold 394 BTC of the total mined generating total proceeds of $9.7M. "In March, we increased BTC production 16.8% Y/Y, even with energy curtailment in Quebec and Paraguay as well as continued network growth. In Q1 2023, BTC price increased by 72%, outpacing network difficultly growth of 32.5%. As a result, industry mining revenue is up 31% dollars per TH in the quarter," Chief Mining Officer Ben Gagnon commented. As of Mar.31, 2023, the company saw 4.8 EH/s online (+78% from Mar.31, 2022, +2% from Feb.28, 2023). On average, the company mined 13.7 BTC daily, equivalent to ~$390K/day and ~$12.1M for the month, based on a BTC price of $28.5K on Mar. 31, 2023. As of Mar.31, 2023, the company held 435 BTC in custody (valued at ~$12.4M). It reduced total outstanding indebtedness by $2M leaving a balance of $21M as of Mar.31, 2023; it held $29M in cash and equivalents and $22M credit for pre-paid deposits to be applied against future miner purchase agreements. Shares trading 2.1% lower premarket.