Bitfarms reports positive Adjusted EBITDA of $10 million in Q3 2022

Bitfarms' Q3 revenue increased by about 17%. The final phase of the Canadian expansion project is expected to be completed by the end of the year. As Bitfarms promised before releasing its third quarter report, global bitcoin self-mining company Bitfarms has released its third quarter report for fiscal year 2022, posting significant increases in profits and customers. clarified. The report was released after a conference call hosted by Bitfarms management at 11am.

Monday, November 14, 2022 at 12:00 AM. Bitfarms President and COO Geoff Morphy announced that his company averaged 16.5 BTC per day in Q3 2022. As a result, Bitfarms has mined 3,733 BTC in the first nine months of 2022, surpassing 3,453 BTC in the entirety of 2021. “For the second year in a row, Bitfarms is on the verge of becoming one of the largest known Bitcoin producers. As one of the lowest reported cost producers, compared to Q2 2022, We have reduced our direct production costs by 5% to $9,400 per BTC in Q3 2022,” said Morphy. Additionally, Bitfarms' cash cost of production decreased by 16% in Q3 compared to Q2 2022 to $14,300 per BTC. In doing so, the company maintained a steady cash flow from operations and delivered an Adjusted EBITDA of $10 million despite unfavorable BTC prices. Details As GlobeNewswire reported today Nov. 14, the company mined approximately 1,515 Bitcoins (BTC) in the third quarter ended Sept. 30, 2022. In announcing its earnings, Bitfarms said it had significantly reduced general and administrative expenses, with a 15-fold reduction from the second quarter. Bitfarm's operating loss is also lower than in the second quarter. Total losses were $98 million, compared with his $173 million in the second quarter. On the other hand, Bitfarm's total sales in the third quarter decreased compared to the second quarter. Total revenue was $33 million, compared with $42 million in Q2 2022. This reflects a decline in the average BTC price partially offset by a rise in Bitfarm's hash rate. The platform's mining gross profit was also negatively impacted. The total mining profit margin for Q2 2022 was reportedly $17 million (52%) compared to $27 million (66%). About $40 million, based on his BTC price of about $19,400. Bitfarms CEO Jeff Lucas has commented on reports that his team has begun deleveraging its balance sheet. Lucas said Bitfarms has paid off about $94 million in debt since June 1. 

The company has also completely closed its most profitable facilities. As a result, on an annualized basis Jeff expects to save $9 million. “We maintain a firm commitment to maintaining financial strength and flexibility,” added Jeff.