Canadian mining company Bitfarms (BITF) reported annual and quarterly revenue growth of more than 428% and 33%, respectively.
On March 28, BITF reported to the US Securities and Exchange Commission (SEC) on its results for the fourth quarter of 2022 and for the whole of 2022, announcing plans to expand capacity and increase project funding. Revenue for the quarter increased 33% to $60 million. Revenue for the year increased 426% to $169.5 million.
Operating income in the fourth quarter was $15 million, and net income was $10 million, or $0.05 per share. Adjusted EBITDA of $44 million, or 74% of revenue, increased from $32 million, or 71% of revenue, in the third quarter. The company mined 1,045 bitcoins in Q4 at an average price of $8,000 per coin, up from an average price of $7,500 a year earlier.
Bitfarms had a balance sheet at the end of the year of $126M in cash and 3,301 in Bitcoin, worth about $153M (based on a price of $46,300). In the fourth quarter, the company raised $113.9 million by selling 17.6 million shares of its market program with HC Wainwright. Since the beginning of 2022, the Canadian miner has raised another $25.6 million through the sale of crypto ATM shares. The company bought another 1,000 bitcoins on January 6 for $43 million.
As of March 25, the company increased its hash rate to 2.7 Ech/s from 2.2 Ech/s at the end of the year. The management believes that the existing miner orders and contracted infrastructure expansion should provide a hash rate of around 7.2 Eh/s by the end of 2022. The company’s goal is 8.0 EH/s by the end of the year, and Bitfarms is looking at further developments to be able to achieve this goal.
The stock rose 13% in Monday morning trading, gaining along with other miners like Marathon Digital and Core Scientific thanks to Bitcoin’s $47,000 rally over the weekend.
Recently, Greenidge Generation Holdings, which owns a large mining center in upstate New York, announced that it plans to buy additional equipment and increase the hashrate to 4.7 Eh / s this year.
