2 years ago
Revenue of $60 cardinal was up 33% from $45 cardinal successful Q3, and up 426% from $12 cardinal successful Q4 1 twelvemonth ago.
Operating income successful Q4 was $15 million, and nett income was $10 million, oregon $0.05 per share. Adjusted EBITDA of $44 million, oregon 74% of gross was up from $32M, oregon 71% of gross successful Q3. The institution mined 1,045 bitcoin (BTC) successful Q4 astatine an mean terms of $8,000 per coin versus an mean of $7,500 a twelvemonth earlier
For comparison, Marathon Digital – 1 of the larger miners successful the satellite - had blended costs of $5,087 per coin, according to an capitalist presentation.
Turning to the equilibrium sheet, Bitfarms arsenic of year-end held $126 cardinal of currency and 3,301 bitcoin valued astatine astir $153 cardinal (based connected terms of $46,300). The institution raised $113.9 cardinal successful Q4 via the merchantability of 17.6 cardinal shares done its at-the-market programme with H.C. Wainwright. Since the commencement of 2022, the Canadian miner raised different $25.6 cardinal done ATM stock sales.
On January 6, the Canadian miner purchased different 1,000 bitcoin for $43 cardinal to adhd to its Treasury.
As of March 25, the institution had boosted its hashrate to 2.7 EH/s vs. 2.2 EH/s astatine the extremity of the year. Management believes existing miner orders and contracted infrastructure enlargement should let hashrate of astir 7.2 EH/s by the extremity of 2022. The institution people is 8.0 EH/s by year-end, and Bitfarms is looking astatine further improvement opportunities successful bid to beryllium capable to execute this.
Shares are up 13% successful Monday greeting action, rising on with mining peers similar Marathon Digital (MARA) and Core Scientific ((CORZ), acknowledgment to large rally to supra $47,000 for bitcoin (BTC) implicit the weekend.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
Sign up for Market Wrap, our regular newsletter explaining what happened contiguous successful crypto markets – and why.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 