Bitfarms produced a total of 943 bitcoins in the first quarter, with total revenue of approximately 50 million dollars

ChainCatcher news, Bitcoin mining company Bitfarms Ltd. announced its financial performance for the first quarter ending March 31, 2024. In the previous quarter, its hash rate reached 7.0 EH/s, up from 6.5 EH/s in the first quarter of 2024, with an average daily production of 10.4 BTC.

In addition, Bitfarms' total financial revenue for the first quarter of 2024 reached $50 million, a 9% increase from $46 million in the fourth quarter of 2023; the operating loss was $24 million, which includes $19 million in accelerated depreciation of old mining machines, compared to an operating loss of $13 million 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 expenses.
The company produced a total of 943 bitcoins in the first quarter.