Bitcoin mining company Bitfarms (BITF) released its first quarter report, reporting that Bitfarms has accelerated its schedule to reach 6 exahash/second (EH/s). The cent narrowed sharply to 1 cent, and the gross profit margin of mining increased from 33% in the previous quarter to 42%.
In the first quarter of 2022, its mining profit margin is 76%. The miner reported revenue of $30 million in the first quarter of 2023, compared with $27 million in the previous quarter and $40 million in the same period a year earlier.
Additionally, as of April 2023, Bitfarms has sold 1,646 BTC worth $38 million. At the time of writing, shares of the mining company were up 7% in premarket trading.