BFARF - Bitfarms mines 589 bitcoins in Q1 holds $32.4M at end of quarter

Bitcoin mining company Bitfarms (BFARF) mined 598 bitcoins with an average cost of $8,400 per bitcoin during Q1 and retained 548 bitcoin worth ~$32.4M as of March 31, 2021."Since the end of the first quarter, we have continued to add to our BTC inventory which now stands at approximately 1,000 Bitcoin, valued at approximately $40M," said Interim Chief Financial Officer Mauro Ferrara.Q1 revenue of $28.4M rose 209% Y/Y, as it increased its average hash rate by ~39% and as the price of bitcoin increased; The average bitcoin price for the quarter stood at ~$45K vs. ~$8.3K for the same period in 2020.Recently, though, the cryptocurrency traded at ~$38.9K.Q1 adjusted EBITDA was $19.7M vs. $2.8M a year ago, and adjusted EBITDA margin of 69% rose from 30% in Q1 2020.Net loss of $7.61M, or 6 cents per share, widened from $2.42M, or 3 cents per share, in the year-ago quarter.Conference call at

For further details see:

Bitfarms mines 589 bitcoins in Q1, holds $32.4M at end of quarter