Bitfarms mines 379 BTC in April CanadiansInvest
), a global vertically integrated Bitcoin mining company, provided a Bitcoin production and mining operations update for April 2023. In addition, earlier today Bitfarms announced it had regained compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550.
Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In April, BTC production declined 6% year-over-year, as a 52% increase in our hashrate was offset by a 61% increase in network difficulty and a 9-day shutdown in Rio Cuarto as we transitioned to a new substation. However, we continued to drive hashrate growth on a sequential month-over-month basis, as 4% growth in April increased our corporate hashrate to 5.0 EH/s at the end of the month.
Network difficulty increased another 4% in April and is up 38% year-to-date in 2023, while Bitcoin price is up roughly 77% in the same period, resulting in a 9% improvement in mining economics as measured by USD/TH.
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