Bitfarms totals 50 million in Q1 revenue, 943 Bitcoins mined
Bitcoin miner Bitfarms Ltd. announced financial results for the first quarter ended March 31, 2024. The hash rate in Q1 2024 was 7.0 EH/s, up from 6.5 EH/s in Q1 2024, with an average of 10.4 BTC produced per day. Total financial revenue for the first quarter of 2024 was $50 million, an increase of 9% from $46 million in the fourth quarter of 2023. Operating loss was $24 million, which included $19 million of accelerated depreciation of older mining equipment, compared with operating loss of $13 million in the fourth quarter of 2023, which included a non-cash reversal of $1 million of digital asset revaluation losses and $2 million of Non-cash impairment charges of $10,000. The company mined 943 Bitcoins.
Release time
2024-05-15 10:31:09