- Publicly traded bitcoin mining company Bitfarms released bitcoin production results and a mining operations update for April 2022.
- Total revenue for the month reached 405 BTC, earning a total of $15.6 million.
- Of the 405 BTC mined, 403 BTC were deposited into custody, leaving Bitfarms with 5,646 BTC in reserves, valued at approximately $218 million.
Bitfarms Ltd. (Nasdaq: BITF, TSX: BITF), a globally distributed mining company, released a production update for April 2022 detailing 75% year-over-year (YoY) growth in bitcoin mining, Which was sent according to a press release. bitcoin magazine,
Bitfarms reported that it mined a total of 405 BTC, worth around $15.6 million last month, with a daily average of 13.5 BTC, which is worth around $522,000 at the time of writing. The significant increase can be partly attributed to an increase in hashing power, as Bitfarms also reported an increase of 22% month-on-month, up from 2.7 exhash per second (EH/s) in March to 3.3 EH/s. Of.
“In early April, we exceeded our 3 exhash per second target (EH/s) with the start of production at our Ledger Farms, our ninth operating facility,” Bitfarms CEO Emiliano Grodzki said in the release. “This incremental efficiencies helped us to increase our average daily output to 13.5 BTC/day in April, up 15% from 11.7 BTC/day in March, and I am proud to say that we will be raising 14 BTC/day since April. / running over the day.”
Bitfarms achieved much of its growth through the installation of 5,900 new miners, which achieved the above 590 petahash per second (PH/s) increase. The total electric capacity increased from 16 megawatts (MW) to 137 megawatts to accommodate not only new miners but also future miners.
The Lager site in Sherbrooke, Quebec, was launched, bringing 16 MW of electrical capacity online and up to 30 MW of capacity. Ledger brings Bitfarms to nine total mining operations globally.
“We continue to be on track to complete construction of the ledger in May, as well as the second phase of construction at the bunker in June. These activities aim to bring an incremental capacity of 32 MW and, with ongoing miners In conjunction with installations, we expect to add approximately 640 petash per second (pH/s) to our online hashrate,” Grodzki said.
Of the 405 BTC mined in April, 403 BTC were deposited in custody. This deposit leaves Bitfarms with a reserve of 5,646 BTC as of April 30, 2022, representing a total value of approximately $218.5 million at the time of writing.
The company explained that a proprietary software for managing miners that had been in beta testing for the past nine months is currently being launched. The services provided will allow for better control, tracking, sensors, alarms, visualization and performance metrics for hundreds of thousands of miners.