According to Odaily, Bitcoin mining company Bitfarms Ltd. has released its financial results for the first quarter ending March 31, 2024. The company's hashrate increased to 7.0 EH/s, up from 6.5 EH/s in the first quarter of 2024, producing an average of 10.4 BTC per day.
In addition, Bitfarms' total revenue for the first quarter of 2024 reached $50 million, a 9% increase from the $46 million reported in the fourth quarter of 2023. The company reported an operating loss of $24 million, which includes $19 million in accelerated depreciation of old mining machines. This is a significant increase from the $13 million operating loss reported in the fourth quarter of 2023, which included a non-cash reversal of $1 million in digital asset revaluation losses and $2 million in non-cash impairment charges.
In total, the company produced 943 bitcoins in the first quarter.