Bitfarms Announces The Successful Recovery Of 496 Bitcoins In January, 2023

Key Points:

• Bitfarms mined 486 bitcoins in January 2023, a 2% reduction month on month and a 61% rise year on year.
• The firm expects to gain in 2023 and through the next halving event in 2024 by taking a systematic approach to investing as the sector consolidates and recovers.

Bitfarms, a Bitcoin mining firm, discovered 486 bitcoins in January 2023, as announced on February 1.

Bitfarms, a bitcoin mining firm, mined 486 bitcoins in January 2023, a 2% reduction month on month and a 61% rise year on year. Furthermore, Bitfarms installed 2,888 mining machines in Paraguay this month, bringing the total computing power to 168 PH/s. Bitfarms’ total online computing capacity is 4.7 EH/s as of January 31, 2023, a rise of 104% year on year and 4% month on month.

Geoff Morphy, CEO of Bitfarms, stated that with the firm’s proven best-in-class operations, well-established corporate infrastructure, and staff firmly in place, Bitfarms is pleased about the potential for both organic and transactional development coming from the industry slump in 2023. In January, the company maintained its consistent performance despite macroeconomic challenges and generally low BTC prices for most of the month. Bitfarm expects to gain in 2023 and through the next halving event in 2024 by taking a systematic approach to investing as the sector consolidates and recovers.

“With 486 BTC mined in January, we boosted output by 61% compared to 301 BTC in the same month last year and averaged 15.7 BTC mined each day,” stated Ben Gagnon, Chief Mining Officer of Bitfarms. Overall BTC production was influenced by two network difficulty increases throughout the month, with network difficulty increasing 10.3% on January 15 and another 4.7% on January 29, for a total of 15.5% in January. Furthermore, we installed more effective miners in Paraguay during the month, which added a net 168 petahash per second (PH/s) at the conclusion of the month.”

“During January, we continued to aggressively strengthen financial flexibility by decreasing debts and capital expenditure requirements,” said CFO Jeff Lucas. We paid off three of our most expensive equipment loans, totalling $830,000. These payments contributed to our efforts toward meeting our June 2022 strategic goal of deleveraging our balance sheet.”

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