Bitfarms mines 67% more new BTC in February from prior year

Bitfarms (NASDAQ:BITF) trades 7.4% higher premarket after it reported 298 new BTC mined during February 2022, up 67% from February 2021; in January it mined 301 new BTC.

On average daily basis, it mined 10.6 BTC which is equivalent to ~$455.8K/day and totaling ~$12.8M based on a BTC price of $43K on Feb.28, 2022.

The company deposited 283 BTC into custody in February.

Total bitcoin in custody on Feb.28 stood at 4,883 BTC which represents total value of ~$210M based on BTC price of $43K.

"Nearing the opening of our two new farms in Sherbrooke, Québec, we remain on track to achieving our goal of 3 exahash per second (EH/s) by the end of 1Q22. Miner deliveries accelerated in the second half of February positioning us to quickly ramp production at these Sherbrooke locations. The Bunker and Leger farms when complete will represent a total of 78 MW of added capacity. Along with our strategic expansion underway in Argentina, these farms will play a vital role in reaching our year-end 2022 target hashrate of 8 EH/s," CEO Emiliano Grodzki commented.