Bitfarms January bitcoin production rises 61% Y/Y

Bitfarms ( NASDAQ: BITF ) shares rose over 4% premarket on Wednesday after the bitcoin miner reported 486 BTC production for January, up 61% Y/Y but down 2% from December 2022. Two network difficulty increases during the month impacted overall BTC productivity. On average, 15.7 BTC were mined per day, equivalent to about $362,700 per day and approximately $11.2 million for the month based on a BTC price of $23,100 on January 31, 2023. Month end operating hashrate was 4.7 EH/s, compared to 2.3 EH/s in January 2022 and 4.5 EH/s in Dec. 2022. The company sold 486 BTC in the month, generating total proceeds of $9.7M.