Bitcoin miner Bitfarms (BITF) accelerated its stated timeframe for reaching 6 exahash/second (EH/s) of computing power, as its per-share loss narrowed significantly quarter-on-quarter, according to a press release on Monday.
The miner said that it expects to hit the 6 EH/s goal by the end of the third quarter, as opposed to its previous goal of 2023-end. Its hashrate stood at 5 EH/s at the end of Q1. However, the firm had previously said it would reach 6 EH/s at the end of 2022.
At the time of writing, the miner's shares were up 7% in pre-market trading.
Bitfarms saw its net loss per share narrowed significantly to 1 cent, from 8 cents the quarter before, while its gross mining margin improved to 42%, from 33% the previous quarter. Its mining margin was 76% in Q1 2022.
The miner reported revenue of $30 million in the first quarter in 2023, compared with $27 million the quarter before and $40 million the year prior.
Up to April 2023, Bitfarms has sold 1,646 bitcoins (BTC) for $38 million.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.