Bitcoin

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd., a prominent player in the Bitcoin mining sector, has disclosed its financial outcomes for the third quarter of 2023, revealing a mixture of stability and setbacks amid a fluctuating cryptocurrency mining environment, according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/216/bitfarms-reports-third-quarter-2023-results" rel="noopener noreferrer nofollow">bitfarms</a>.
In Q3 2023, Bitfarms' revenues held steady at $35 million, but the company recorded a net loss of $19 million, a slight improvement over the $25 million loss from the prior quarter. This reduction in losses was aided by a decrease in operational deficits and impairment charges, leading to an Adjusted <a href="https://ultramining.com/news/bitfarms-dostigla-znachitelnogo-rosta-v-pervom-kvartale-2023-goda-dobyv-1-297-btc/" rel="noopener noreferrer nofollow">EBITDA</a> of $7 million.
The <a href="https://ultramining.com/news/en/terawulf-soars-to-record-revenue-with-330-btc-mined-in-july-2023/" rel="noopener noreferrer nofollow">company mined</a> 1,172 BTC and added 154 BTC to their reserves, ending the quarter with 703 BTC in hand. They managed to increase their mining <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> to 6.1 EH/s, reflecting an efficient expansion of their mining capabilities. Looking ahead, Bitfarms aims to boost its operational capacity by 24% to 290 MW by the beginning of 2024.
Financially prudent, Bitfarms lessened its general and administrative costs by 9% compared to the second quarter and raised $28 million by selling 1,018 BTC, with proceeds used to diminish equipment-related debt to $10 million. Their liquid assets stood at $47 million in cash and 703 BTC.
On the operational front, Bitfarms attained an average of 12.7 BTC per day and maintained a corporate hashrate of 6.1 EH/s. They continued the strategic sale of mined BTC, selling 341 out of 398 BTC mined in October for an additional $10 million, further solidifying their treasury.
Executives Geoff Morphy and Jeff Lucas have highlighted the company's steady progress despite market challenges, with a strategy focused on growth, cost management, and preparation for the next Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">Halving</a> event, which the company believes will offer significant opportunities despite the potential difficulties it may introduce. Bitfarms stays on course with its development strategy, emphasizing sustainable and cost-efficient mining operations to capitalize on expected market consolidation.

Bitfarms Reports Q3 2023 Earnings

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