• Bitfarms reported that their Bitcoin production decreased 10.6% to 379 BTC in April despite a 4% increase in its corporate hashrate.
• The crypto mining firm sold 349 units of the mined BTC to generate $10.1 million and reduced debt by $2 million.
• Bitfarms regained compliance with Nasdaq listing requirements, having traded above the $1 benchmark for at least ten days in the last six months.
Bitfarms Reports Decrease in Bitcoin Production
Bitfarms, a leading cryptocurrency mining firm, reported that their Bitcoin production decreased 10.6% to 379 BTC in April despite an increase in its corporate hashrate of 4%. The company sold 349 units of the mined BTC to generate $10.1 million and reduced debt by $2 million as of April 30th.
Nasdaq Listing Requirements Met
Bitfarms was notified by Nasdaq in December 2022 that their common stock no longer complied with the minimum bid price requirement of $1 over the previous 30 consecutive trading days and risked delisting if they failed to trade above $1 for at least ten days within six months. However, Nasdaq determined that Bitfarm’s stock traded above the benchmark for more than ten days and regained compliance with listing requirements as a result.
Net Addition To Treasury
The crypto mining firm recorded a net addition of 30 BTC to its treasury during April, bringing its total up to 465 BTC ($13.6 million). This positive cash flow was attributed to improved bitcoin mining economics during this period, indicating strong market demand for cryptocurrency assets such as Bitcoin (BTC).
Impact On Stock Prices
The news had an immediate impact on Bitfarm’s stock prices which rose more than 20% in April due meeting Nasdaq’s listing requirements according to Google Finance data.
Overall, it appears that Bitfarm’s financial performance has been generally positive since December 2022 when it was facing delisting from Nasdaq due to low stock prices. With better mining economics contributing towards greater revenue and less debt; investors have responded positively to these developments pushing up stock prices significantly demonstrating confidence in Bitfarm’s future success as one of leading cryptocurrency mining firms globally