Bitcoin Miner Bitfarms Lowers Hashrate Outlook to 6 EH/s This Year

• The company’s existing infrastructure operation contracts are projected to supply capableness for 6 EH/s of miners by year-end 2022, reflecting adjustments to its Argentina operation program and enlargement opportunities successful Canada and Paraguay, the miner said successful a statement.

• Previously, the miner said its existing miner orders and contracted infrastructure enlargement should let a hashrate of astir 7.2 EH/s, with imaginable to grow to 8 EH/s by year-end.

• However, Bitfarms is inactive evaluating opportunities to scope the 8 EH/s enlargement extremity by 2022, according to the statement.

• “Our updated improvement activities successful Argentina, Washington, and Quebec proceed connected way successful enactment of our 2022 quarterly EH/s goals,” said President and COO Geoff Morphy. “Our concern improvement for 2022 and into 2023 are focused connected a wide portfolio of opportunities, with a diversified premix successful assorted regions wherever we are presently operating arsenic good arsenic caller geographies,” helium added.

• The miner’s archetypal 4th gross was $40 cardinal which was up 40% from the erstwhile year’s 4th but was down astir 33% from the erstwhile 4th owed to a diminution successful the marketplace terms of bitcoin successful Q1.

• “We person grown faster than the BTC network, arsenic our hashrate astatine 4th extremity was 2.7 Exahash per 2nd (EH/s), up 22% from December 31, 2021,” Morphy said successful the statement. “As of today, our hashrate is 3.4 EH/s, representing astir 1.5% marketplace share,” helium noted.

• The shares of the miners were down astir 1.5% successful aboriginal trading connected Monday, portion the terms of bitcoin hovered astir $30,000, down somewhat implicit the past 24 hours. Bitfarms banal has fallen astir 60% this year, in-line with astir publicly-traded crypto miners.

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