Bitcoin Miner Bitfarms Accelerates 6 EH/s Hashrate Target As Quarterly Loss Per Share Narrows

Bitcoin miner Bitfarms (BITF) accelerated its stated timeframe for reaching 6 exahash/second (EH/s) of computing power, as its per-share loss narrowed significantly quarter-on-quarter, according to a press release on Monday.

The miner said that it expects to hit the 6 EH/s goal by the end of the third quarter, as opposed to its previous goal of 2023-end. Its hashrate stood at 5 EH/s at the end of Q1. However, the firm had previously said it would reach 6 EH/s at the end of 2022.

At the time of writing, the miner's shares were up 7% in pre-market trading.

Bitfarms saw its net loss per share narrowed significantly to 1 cent, from 8 cents the quarter before, while its gross mining margin improved to 42%, from 33% the previous quarter. Its mining margin was 76% in Q1 2022.

The miner reported revenue of $30 million in the first quarter in 2023, compared with $27 million the quarter before and $40 million the year prior.

The Canadian firm has been working to deleverage its balance sheet for several months, along with other miners, by selling bitcoin and paying down its loans. In January, it warned it might default on some of its debt.

Up to April 2023, Bitfarms has sold 1,646 bitcoins (BTC) for $38 million.

Read more: Bitcoin Miner Bitfarms Starts Production in Argentina, Increases Hashrate to 4.1 EH/s