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Bitfarms | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement · Mar 7 08:09

BITF -3.57%

Summary by Moomoo AI

Bitfarms Ltd., a global Bitcoin mining company, reported its financial results for the fourth quarter and full year of 2023 on March 7, 2024. The company achieved a significant increase in gross mining margin to 52% in Q4 2023, up from 38% in the previous quarter. Bitfarms also reached its goal of becoming debt-free in February 2024, which is expected to enhance its financial flexibility. The company is executing its 2024 plan to triple its hashrate to 21 EH/s and improve fleet efficiency by 34% to 23 w/TH. Bitfarms earned 1,236 BTC in Q4 and a total of 4,928 BTC in 2023. The company's aggressive growth plans include the development of new farms in Paraguay and the installation of ultra-efficient Bitmain T21 miners. Despite the positive operational highlights, Bitfarms reported a net loss of $57 million in Q4 2023, attributed to a non-cash expense for revaluation of warrant liability. The company's liquidity at the end of 2023 was reported at $118 million, including cash and Bitcoin holdings.

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