- Bitfarms Ltd. (BITF) reports its revenues are up 426 per cent to US$60 million for Q4 2021 and up 388 per cent to US$169 million in 2021 compared to prior periods
- During Q4 2021, Bitfarms mined 1,045 Bitcoin at an average cost of production of $8,000 per Bitcoin
- It held US$126 million in cash and 3,301 Bitcoins worth US$153 million by years end
- Recent operating highlights include receiving and installing over 7,000 miners in Q4
- Bitfarms continues to develop opportunities to reach its 8.0 exahashes per second facility target by year-end
- Bitfarms Ltd. (BITF) is up 12.04 per cent trading at $5.21 per share as of 1:52 p.m. ET
Bitfarms (BITF) has reported a 426 per cent increase in Q4 revenues and a 388 per cent increase in YoY revenue.
During Q4 2021, Bitfarms mined 1,045 Bitcoin at an average cost of production of $8,000 per Bitcoin. For the full year, the company mined 3,453 Bitcoins at an average cost of production of $8,100 per Bitcoin.
Bitfarms’ Q4 saw an increased total revenue of US$60 million, up 33 per cent, from Q3 2021.
The improved Q4 2021 net income came to US$10 million, up from a net loss of US$5 million in Q4 2020.
By December 31, 2021, the company held US$126 million in cash and 3,301 Bitcoins valued at approximately US$153 million, based upon a Bitcoin price of approximately US$46,300, and working capital of US$186 million. Bitfarms also secured a US$100 million Bitcoin-backed credit facility.
Recent operating highlights include receiving and installing over 7,000 miners in Q4 2021. Nearly 11,000 miners received or are in transit to date in 2022, with the majority now in production and other installations underway at multiple farms.
Bitfarms also commenced production at The Bunker in Sherbrooke, Québec, adding a capacity of 12 megawatts. It also acquired another location, known as Garlock, in the Sherbrooke, to develop an 18-megawatt facility intended to replace the existing de la Pointe facility scheduled to be retired in February 2023.
The company believes its existing orders of miners and contracted infrastructure expansion have the potential to produce approximately 7.2 exahashes per second by the end of 2022, based on its current facility development and deployment schedule.
Bitfarms continues to develop opportunities, including additions and alternatives to its currently contracted infrastructure expansion, to reach its 8.0 exahashes per second target by year-end.
Bitfarms Ltd. (BITF) is up 12.04 per cent trading at $5.21 per share as of 1:52 p.m. ET.