Bitfarms Ltd. Reports Increased Hashrate and Revenue in Q1 2024

According to Odaily, Bitcoin mining company Bitfarms Ltd. has released its financial results for the first quarter ending March 31, 2024. The company's hashrate increased to 7.0 EH/s, up from 6.5 EH/s in the first quarter of 2024, producing an average of 10.4 BTC per day. In addition, Bitfarms' total revenue for the first quarter of 2024 reached $50 million, a 9% increase from the $46 million reported in the fourth quarter of 2023. The company reported an operating loss of $24 million, which includes $19 million in accelerated depreciation of old mining machines. This is a significant increase from the $13 million operating loss reported in the fourth quarter of 2023, which included a non-cash reversal of $1 million in digital asset revaluation losses and $2 million in non-cash impairment charges. In total, the company produced 943 bitcoins in the first quarter.