Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin vertically
integrated company, reported its financial results for the first
quarter ended March 31, 2024. All financial references are in
U.S. dollars.
Executing the expansion and transformative fleet
upgrade, Bitfarms has realized notable efficiency gains and is
progressing toward 2024 guidance of 21 EH/s and 21 w/TH,
representing a 223% hashrate increase and 40% efficiency
improvement. This would be the strongest growth and efficiency
gains in both the Company’s history and among publicly-traded
Bitcoin mining peers this year.
In addition, the Company recently doubled its
contracted power capacity at its Yguazu site, in Paraguay, from 100
MW to 200 MW of stable, low-cost, sustainable hydropower. This will
increase Bitfarms total megawatts under management by 23%, from 428
MW at year-end 2024 to 528 MW in 2025, and will provide significant
capacity for growth.
“These strategic actions position us well to
drive significant organic growth and capture a greater share of the
global demand for Bitcoin,” said Ben Gagnon, Bitfarms Chief Mining
Officer. “Our growth is gaining momentum. We are currently at 7
EH/s and on track to achieve 12 EH/s and 25 w/TH in Q2 2024. Our
miner upgrades have improved overall fleet efficiency from 35 w/TH
to 31 w/TH, including the 51% combined efficiency improvement at
our Garlock and Farnham facilities in Quebec. Ongoing miner
installations are expected to contribute to progressively lower
corporate w/TH and dramatically lower production costs, which would
make Bitfarms one of the most efficient Bitcoin miners by year-end
2024.”
In April, Bitfarms received confirmation from
the Canadian tax authorities that $24 million in previously paid
value added taxes (VAT) will be refunded as will future payments.
With the recoverability of the VAT, the average direct cost of
production per BTC would have been reduced by $2,100 in Q1
2024.
Jeff Lucas, Bitfarms CFO, said, “This cash
infusion further enhances our financial flexibility. Combined with
our robust balance sheet and our capital efficient strategy, we are
well positioned to fund our 2024 growth initiatives. Most notably,
we have sufficient liquidity to pay for all of the miners needed to
reach 21 EH/s.”
Q1 2024 & Recent
Operating Highlights
- Operations
- Current hashrate of 7.0 EH/s, up from 6.5 EH/s in Q1 2024.
- Averaged 10.4 BTC per day in daily
production for Q1 2024.
- Fleet Upgrade & Farm
Expansions
- Exercised purchase option for
28,000 Bitmain T21 miners and secured an additional 19,280 Bitmain
T21 miners, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro
miners in March, all of which are slated for delivery and
deployment in H2 2024.
- Energized the first tranche of
Bitmain T21 miners at two farms in Québec and began installations
at Paso Pe, Paraguay in April.
- Upgraded Farnham and Garlock miners
in April, resulting in a combined 51% improvement in energy
efficiency at these locations and a 9% corporate efficiency
improvement.
- Purchased land in Yguazu in January
and began construction on the 100MW facility site.
Q1 2024 Financial
Highlights
- Total revenue of $50 million, up 9% compared to $46 million in
Q4 2023.
- Gross mining profit* and gross
mining margin* of $29 million and 59%, respectively, up from $23
million and 52% in Q4 2023, respectively.
- General and administrative expenses
of $13 million, down 2% from Q4 2023.
- Operating loss of $24 million,
which included a $19 million accelerated depreciation on older
miners, compared to an operating loss of $13 million in Q4 2023,
which included a $1 million non-cash reversal of revaluation loss
on digital assets and $2 million in non-cash impairment
charges.
- Net loss of $6 million, or $(0.02)
per basic and diluted share which included a $9 million non-cash
gain for revaluation of warrant liability in connection with 2021
and 2023 financing activities. This compares to a net loss of $57
million, or $(0.19) per basic and diluted share in Q4 2023, which
included a $38 million non-cash expense for revaluation of warrant
liability.
- Adjusted EBITDA* of $21 million, or
42% of revenue, up from $14 million, or 30% of revenue, in Q4 2023,
with the increase driven largely by higher average BTC price.
- The Company earned 943 BTC at an
average direct cost of production per BTC* of $20,500, compared to
$16,200 in Q4 2023.
- Total cash cost of production per
BTC* was $30,300 in Q1 2024, up from $25,200 in Q4 2023 due to less
quantity of BTC earned.
Liquidity**As of March 31,
2024, the Company had total liquidity** of $124 million, comprised
of $66 million in cash and 806 BTC valued at $58 million based on a
BTC price of $71,400 at March 31, 2024.
Q1 2024 and
Recent Financing Activities
- Sold 941 BTC at an average price of
$52,700 for total proceeds of $50 million in Q1 2024 and sold 245
of the 269 BTC earned during April 2024, generating total proceeds
of $16 million. A portion of the funds was used to fully repay
equipment-related indebtedness and pay capital expenditures.
- Added 24 BTC to treasury in April
2024 for a total of 830 BTC held in treasury, representing a total
value of $51 million based on a $61,300 BTC price on April 30,
2024.
- Commenced a new at-the-market (ATM)
equity offering program on March 11, 2024, raising net proceeds of
$38 million during Q1 2024 and $121 million through May 14,
2024.
- Paid off remaining
equipment-related indebtedness in February.
- Entered into sale & leaseback
agreement to monetize the value of the Garlock facility and
received net proceeds of $2 million to be allocated towards
expansion plans.
- Received confirmation from the
Canadian tax authorities, in April 2024, that $24 million in
previously paid VAT will be refunded.
Quarterly Operating
Performance
|
|
Q1 2024 |
Q4 2023 |
Q1 2023 |
|
Total BTC earned |
943 |
1,236 |
1,297 |
| Average Watts/Average TH
efficiency*** |
35 |
35 |
38 |
| BTC
sold |
941 |
1,135 |
1,267 |
|
|
As of March 31, |
As of December 31, |
As of March 31, |
|
|
2024 |
2023 |
2023 |
|
Operating EH/s |
6.5 |
6.5 |
4.8 |
| Operating capacity (MW) |
240 |
240 |
188 |
|
Hydropower (MW) |
186 |
186 |
178 |
Quarterly Average Revenue**** and Cost
of Production per BTC*
|
|
Q1 2024 |
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
|
Avg. Rev****/BTC |
$52,400 |
$36,400 |
$28,100 |
$28,000 |
$22,500 |
| Direct Cost*/BTC |
$20,500 |
$16,200 |
$16,900 |
$15,700 |
$12,500 |
|
Total Cash Cost*/BTC |
$30,300 |
$25,200 |
$22,700 |
$21,800 |
$17,700 |
* Gross mining profit, gross mining margin,
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin,
Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS
financial measures or ratios and should be read in conjunction
with, and should not be viewed as alternatives to or replacements
of measures of operating results and liquidity presented in
accordance with IFRS. Readers are referred to the reconciliations
of non-IFRS measures included in the Company’s MD&A and at the
end of this press release.
** Liquidity represents cash and balance of
digital assets.*** Average watts represents the energy consumption
of miners. **** Average revenue per BTC is for mining operations
only and excludes Volta revenue.
Conference CallManagement will
host a conference call today at 8:00 am EST. A presentation of the
Q1 2024 results will be accessible before the call on the Investor
website and can be accessed here.
Participants may join by calling: 1-877-545-0523
(domestic), or 1-973-528-0016 (international), and should do so 10
minutes prior to the start time. Participants will be greeted by an
operator and asked for the access code, which is
878603. If you do not have the code, then you may
reference the Bitfarms’ Q1 2024 results conference call.
The conference call will also be available
through a live webcast found here.
A webcast replay will be available and can be
accessed in the Events section of our Investor website. An audio
replay will be available through June 3, 2024, and can be accessed
at 1-877-481-4010 (domestic), or 1-919-882-2331 (international),
using access code 50495.
Upcoming Conferences &
Events
- May 15: Digital
Blockchain Summit, Washington DC
- May 22-23: B Riley
Securities 24th Annual Institutional Investor Conference, Beverly
Hills, CA
- June 25: Northland
Capital Markets Growth Conference, Virtual
Non-IFRS Measures*As a Canadian
company, Bitfarms follows International Financial Reporting
Standards (IFRS) which are issued by the International Accounting
Standard Board (IASB). Under IFRS rules, the Company does not
reflect the revaluation gains on the mark-to-market of its Bitcoin
holdings in its income statement. It also does not include the
revaluation losses on the mark-to-market of its Bitcoin holdings in
Adjusted EBITDA, which is a measure of the cash profitability of
its operations and does not reflect the change in value of its
assets and liabilities.
The Company uses Adjusted EBITDA to measure its
operating activities' financial performance and cash generating
capability.
2023 Restatement During the
preparation of the Company's financial statements for the year
ended December 31, 2023, the Company reassessed the application of
IFRS Accounting Standards on the accounting for warrants issued in
connection with private placement financings conducted in 2021 and,
as such, restated (the “Restatement”) its consolidated statements
of financial position as of December 31, 2022 and January 1, 2022,
its consolidated statements of profit or loss and comprehensive
profit or loss for the year ended December 31, 2022 and the three
months ended March 31, 2023 and its consolidated statements of cash
flows for the year ended December 31, 2022 and the three months
ended March 31, 2023, which were previously filed on SEDAR+
and EDGAR. For further details, consult Note 3e of the audited
consolidated financial statements for the year ended December 31,
2023, and Note 3d of the interim condensed consolidated financial
statements for the three months ended March 31, 2024,
available on SEDAR+ and EDGAR. As described in the interim MD&A
for three months ended March 31, 2024, available on SEDAR+ and
EDGAR, the Company is undertaking remediation efforts in light of
the Restatement and in order to improve the overall effectiveness
of its internal control over financial reporting for the accounting
of complex financial instruments.
About Bitfarms Ltd.Founded in
2017, Bitfarms is a global Bitcoin mining company that contributes
its computational power to one or more mining pools from which it
receives payment in Bitcoin. Bitfarms develops, owns, and operates
vertically integrated mining farms with in-house management and
company-owned electrical engineering, installation service, and
multiple onsite technical repair centers. The Company’s proprietary
data analytics system delivers best-in-class operational
performance and uptime.
Bitfarms currently has 12 Bitcoin mining
facilities and one under development situated in four countries:
Canada, the United States, Paraguay, and Argentina. Powered
predominantly by environmentally friendly hydro-electric and
long-term power contracts, Bitfarms is committed to using
sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events,
developments, and online communities:
www.bitfarms.comhttps://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- BTC BTC/day = Bitcoin or Bitcoin per day
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
- w/TH = Watts/Terahash efficiency (includes cost of powering
supplementary equipment)
- Synthetic HODL™ = the use of instruments that create Bitcoin
equivalent exposure
Cautionary StatementTrading in
the securities of the Company should be considered highly
speculative. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein. Neither the Toronto Stock Exchange, Nasdaq, or
any other securities exchange or regulatory authority accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking StatementsThis
news release contains certain “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that are based on expectations, estimates and
projections as at the date of this news release and are covered by
safe harbors under Canadian and United States securities laws. The
statements and information in this release regarding projected
growth, target hashrate, opportunities relating to the Company’s
geographical diversification and expansion, upgrading and
deployment of miners as well as the timing therefor, improved
financial performance and balance sheet liquidity, other growth
opportunities and prospects, and other statements regarding future
growth, plans and objectives of the Company are forward-looking
information. Any statements that involve discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “prospects”,
“believes” or “intends” or variations of such words and phrases or
stating that certain actions, events or results “may” or “could”,
“would”, “might” or “will” be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the construction and operation of the
Company’s facilities may not occur as currently planned, or at all;
expansion may not materialize as currently anticipated, or at all;
the power purchase agreements and economics thereof may not be as
advantageous as expected; the digital currency market; the ability
to successfully mine digital currency; revenue may not increase as
currently anticipated, or at all; it may not be possible to
profitably liquidate the current digital currency inventory, or at
all; a decline in digital currency prices may have a significant
negative impact on operations; an increase in network difficulty
may have a significant negative impact on operations; the
volatility of digital currency prices; the anticipated growth and
sustainability of hydroelectricity for the purposes of
cryptocurrency mining in the applicable jurisdictions; the
inability to maintain reliable and economical sources of power for
the Company to operate cryptocurrency mining assets; the risks of
an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the potential adverse impact on the
Company’s profitability; the ability to complete current and future
financings; the impact of the Restatement on the price of the
Company’s common shares, financial condition and results of
operations; the risk that a material weakness in internal control
over financial reporting could result in a misstatement of the
Company’s financial position that may lead to a material
misstatement of the annual or interim consolidated financial
statements if not prevented or detected on a timely basis;
historical prices of digital currencies and the ability to mine
digital currencies that will be consistent with historical prices;
and the adoption or expansion of any regulation or law that will
prevent Bitfarms from operating its business, or make it more
costly to do so. For further information concerning these and other
risks and uncertainties, refer to the Company’s filings on
www.sedarplus.ca (which are also available on the website of the
U.S. Securities and Exchange Commission at www.sec.gov), including
the MD&A for the year-ended December 31, 2023, filed on March
7, 2024 and the MD&A for three-month period ended
March 31, 2024 filed on May 15, 2024. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those expressed in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended, including
factors that are currently unknown to or deemed immaterial by the
Company. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Investor Relations
Contact:Tracy Krumme SVP, Investor Relations+1
786-671-5638tkrumme@bitfarms.com
Media Contacts:Actual Agency Khushboo
Chaudhary+1 646-373-9946mediarelations@bitfarms.com
Québec Media: TactLouis-Martin Leclerc+1
418-693-2425lmleclerc@tactconseil.ca
Bitfarms Ltd. Consolidated Financial
& Operational Results
| |
Three months ended March 31, |
|
(U.S.$ in thousands except where indicated) |
2024 |
|
2023 (3) |
$ Change |
% Change |
|
Revenues |
50,317 |
|
30,050 |
|
20,267 |
|
67 |
% |
| Cost of
revenues |
(60,999 |
) |
(38,403 |
) |
(22,596 |
) |
59 |
% |
|
Gross loss |
(10,682 |
) |
(8,353 |
) |
(2,329 |
) |
28 |
% |
| Gross
margin (1) |
(21 |
)% |
(28 |
)% |
— |
|
— |
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
General and administrative expenses |
(13,196 |
) |
(8,360 |
) |
(4,836 |
) |
58 |
% |
|
Realized gain on disposition of digital assets |
— |
|
587 |
|
(587 |
) |
(100 |
)% |
|
Reversal of revaluation loss on digital assets |
— |
|
2,695 |
|
(2,695 |
) |
(100 |
)% |
|
Gain (loss) on disposition of property, plant and equipment |
170 |
|
(1,566 |
) |
1,736 |
|
111 |
% |
|
Operating loss |
(23,708 |
) |
(14,997 |
) |
(8,711 |
) |
58 |
% |
|
Operating margin (1) |
(47 |
)% |
(50 |
)% |
— |
|
— |
|
|
|
|
|
|
|
| Net
financial income |
11,443 |
|
10,967 |
|
476 |
|
4 |
% |
|
Net loss before income taxes |
(12,265 |
) |
(4,030 |
) |
(8,235 |
) |
204 |
% |
|
|
|
|
|
|
| Income
tax recovery |
6,285 |
|
330 |
|
5,955 |
|
nm |
|
Net loss |
(5,980 |
) |
(3,700 |
) |
(2,280 |
) |
62 |
% |
|
|
|
|
|
|
| Basic
and diluted loss per share (in U.S. dollars) |
(0.02 |
) |
(0.02 |
) |
— |
|
— |
|
|
Change in revaluation surplus - digital assets, net of tax |
17,433 |
|
1,225 |
|
16,208 |
|
nm |
|
Total comprehensive income (loss), net of tax |
11,453 |
|
(2,475 |
) |
13,928 |
|
563 |
% |
|
|
|
|
|
|
| Gross Mining profit (2) |
29,312 |
|
12,026 |
|
17,286 |
|
144 |
% |
| Gross Mining margin (2) |
59 |
% |
41 |
% |
— |
|
— |
|
| EBITDA (2) |
26,410 |
|
18,024 |
|
8,386 |
|
47 |
% |
| EBITDA margin (2) |
52 |
% |
60 |
% |
— |
|
— |
|
| Adjusted EBITDA (2) |
21,007 |
|
6,364 |
|
14,643 |
|
230 |
% |
|
Adjusted EBITDA margin (2) |
42 |
% |
21 |
% |
— |
|
— |
|
nm: not meaningful
|
|
|
|
1 |
Gross margin and Operating margin are supplemental financial
ratios; refer to section 9 -Non-IFRS and Other Financial Measures
and Ratiosof the Company's MD&A. |
| 2 |
Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin,
Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or
ratios; refer to section 9 -Non-IFRS and Other Financial Measures
and Ratiosof the Company'sMD&A. |
| 3 |
Prior year figures are derived from restated financial statements.
Refer to the Q1 2024 interim financial statements Note 3d -Basis of
Presentation and Material Accounting Policy
Information-Restatement. |
Bitfarms Ltd.
Reconciliation of Consolidated Net Income (loss)
to EBITDA and Adjusted EBITDA
|
|
Three months ended March 31, |
|
(U.S.$ in thousands except where indicated) |
2024 |
|
2023(1) |
$ Change |
% Change |
|
Revenues |
50,317 |
|
30,050 |
|
20,267 |
|
67 |
% |
|
|
|
|
|
|
|
Net loss before income taxes |
(12,265 |
) |
(4,030 |
) |
(8,235 |
) |
204 |
% |
|
Interest expense and (income) |
(302 |
) |
1,354 |
|
(1,656 |
) |
(122 |
)% |
|
Depreciation and amortization |
38,977 |
|
20,700 |
|
18,277 |
|
88 |
% |
|
EBITDA |
26,410 |
|
18,024 |
|
8,386 |
|
47 |
% |
|
EBITDA margin |
52 |
% |
60 |
% |
— |
|
— |
|
|
Share-based payment |
3,094 |
|
2,536 |
|
558 |
|
22 |
% |
| Realized gain on disposition of
digital assets |
— |
|
(587 |
) |
587 |
|
100 |
% |
| Reversal of revaluation loss on
digital assets |
— |
|
(2,695 |
) |
2,695 |
|
100 |
% |
| Gain on extinguishment of
long-term debt and lease liabilities |
— |
|
(12,835 |
) |
12,835 |
|
100 |
% |
| (Gain) loss on revaluation of
warrants |
(9,040 |
) |
1,221 |
|
(10,261 |
) |
(840 |
)% |
| Gain on disposition of marketable
securities |
(338 |
) |
(2,171 |
) |
1,833 |
|
(84 |
)% |
|
Net financial expenses and other |
881 |
|
2,871 |
|
(1,990 |
) |
(69 |
)% |
|
Adjusted EBITDA |
21,007 |
|
6,364 |
|
14,643 |
|
230 |
% |
|
Adjusted EBITDA margin |
42 |
% |
21 |
% |
— |
|
— |
|
|
|
|
|
1 |
Prior year figures are derived from restated financial statements.
Refer to the Q1 2024 interim financial statements Note 3d - Basis
of Presentation and Material Accounting Policy Information -
Restatement. |
Bitfarms Ltd.
Calculation of Gross Mining Profit and Gross
Mining Margin
|
|
Three months ended March 31, |
|
(U.S.$ in thousands except where indicated) |
2024 |
|
2023 |
|
$ Change |
% Change |
|
Gross loss |
(10,682 |
) |
(8,353 |
) |
(2,329 |
) |
28 |
% |
|
Non-Mining revenues (1) |
(894 |
) |
(842 |
) |
(52 |
) |
6 |
% |
| Depreciation and
amortization |
38,977 |
|
20,700 |
|
18,277 |
|
88 |
% |
| Purchases of electrical
components |
387 |
|
320 |
|
67 |
|
21 |
% |
| Electrician salaries and
payroll taxes |
321 |
|
356 |
|
(35 |
) |
(10 |
)% |
|
Other |
1,203 |
|
(155 |
) |
1,358 |
|
876 |
% |
|
Gross Mining profit |
29,312 |
|
12,026 |
|
17,286 |
|
144 |
% |
|
Gross Mining margin |
59 |
% |
41 |
% |
— |
|
— |
|
|
(1) |
|
Non-Mining revenues reconciliation: |
|
|
Three months ended March 31, |
|
(U.S.$ in thousands except where indicated) |
2024 |
|
2023 |
|
$ Change |
% Change |
|
Revenues |
50,317 |
|
30,050 |
|
20,267 |
|
67 |
% |
|
Less Mining related revenues for the purpose of calculating gross
Mining margin: |
|
|
|
|
|
Mining revenues |
(49,423 |
) |
(29,208 |
) |
(20,215 |
) |
69 |
% |
|
Non-Mining revenues |
894 |
|
842 |
|
52 |
|
6 |
% |
Bitfarms Ltd. Calculation of Direct Cost
and Direct Cost per BTC
|
|
Three months ended March 31, |
|
(U.S.$ in thousands except where indicated) |
2024 |
|
2023 |
|
$ Change |
% Change |
|
Cost of revenues |
60,999 |
|
38,403 |
|
22,596 |
|
59 |
% |
|
Depreciation and amortization |
(38,977 |
) |
(20,700 |
) |
(18,277 |
) |
88 |
% |
| Purchases of electrical
components |
(387 |
) |
(320 |
) |
(67 |
) |
21 |
% |
| Electrician salaries and
payroll taxes |
(321 |
) |
(356 |
) |
35 |
|
(10 |
)% |
| Infrastructure |
(1,974 |
) |
(942 |
) |
(1,032 |
) |
110 |
% |
|
Other |
— |
|
82 |
|
(82 |
) |
(100 |
)% |
|
Direct Cost |
19,340 |
|
16,167 |
|
3,173 |
|
20 |
% |
|
Quantity of BTC earned |
943 |
|
1,297 |
|
(354 |
) |
(27 |
)% |
|
Direct Cost per BTC (in U.S. dollars) |
20,500 |
|
12,500 |
|
8,000 |
|
64 |
% |
Bitfarms Ltd. of Total Cash Cost and
Total Cost per BTC
|
|
Three months ended March 31, |
|
(U.S.$ in thousands except where indicated) |
2024 |
|
2023 |
|
$ Change |
% Change |
|
Cost of revenues |
60,999 |
|
38,403 |
|
22,596 |
|
59 |
% |
|
General and administrative expenses |
13,196 |
|
8,360 |
|
4,836 |
|
58 |
% |
|
|
74,195 |
|
46,763 |
|
27,432 |
|
59 |
% |
| Depreciation and
amortization |
(38,977 |
) |
(20,700 |
) |
(18,277 |
) |
88 |
% |
| Purchases of electrical
components |
(387 |
) |
(320 |
) |
(67 |
) |
21 |
% |
| Electrician salaries and
payroll taxes |
(321 |
) |
(356 |
) |
35 |
|
(10 |
)% |
| Share-based payment |
(3,094 |
) |
(2,536 |
) |
(558 |
) |
22 |
% |
|
Other |
(2,814 |
) |
62 |
|
(2,876 |
) |
nm |
|
Total Cash Cost |
28,602 |
|
22,913 |
|
5,689 |
|
25 |
% |
|
Quantity of BTC earned |
943 |
|
1,297 |
|
(354 |
) |
(27 |
)% |
|
Total Cash Cost per BTC (in U.S. dollars) |
30,300 |
|
17,700 |
|
12,600 |
|
71 |
% |
Bitfarms (NASDAQ:BITF)
過去 株価チャート
から 11 2024 まで 12 2024
Bitfarms (NASDAQ:BITF)
過去 株価チャート
から 12 2023 まで 12 2024
