Bitfarms' bitcoin production grows 50% Y/Y in 2022

Bitfarms ( NASDAQ: BITF ) mined 496 BTC in December 2022, bringing its 2022 production to 5,167, up 50% over 2021. December production grew 37% Y/Y and 9% from November 2022. The company mined 16 BTC daily on average in the month, equivalent to about $8.2M based on a BTC price of US$16,600 on Dec. 31, 2022. As of Dec. 31, 4.5 EH/s were online, up 105% from December 2021 and up 2% compared to November 30, 2022. By month end, the company held 405 BTC in custody, representing a total value of approximately $6.7M, and ~$31M in cash.