Bitfarms Reports Q3 2022 Results With a Total of 1,515 Bitcoins Mined
A Global Bitcoin self-mining company – Bitfarms, has released its financial results for the third quarter of 2022, which ended on September 30, 2022. All financial references are in US dollars. Bitfarms mined 1,515 bitcoin in the third quarter of 2022.
Some financial highlights and financing activities were mentioned in the report. Furthermore, recent operational highlights were highlighted as proof of Bitfarms efficiency during the third quarter of 2022.
As they announced in third-quarter results, the total Bitcoin mined was 1,515 bitcoins and lowered direct production costs by 5% compared to the second quarter to $9,400 per bitcoin. In the third quarter, 2,595 BTC were sold, generating $56 million in revenue.
In October 2022, 486 bitcoins were mined, resulting in a $10 million profit. At the end of the third quarter, the operating hash rate was 4.2 EH/s, a 17% increase from June 30, 2022. Since June 1, it has been deleveraging and has paid down $94 million in debt.
The company stated that it has strengthened its balance sheet in order to be better positioned to capitalize on complementary opportunities during the quarter. It also stated that the final stages of Canadian expansion projects are on track to be completed by the end of the year.
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