Canadian bitcoin miner Bitfarms (BITF) lowered its 2022 hashrate forecast to 6 exashash per second (EH/s) from 7.2 EH/s previously, citing adjustments to its ongoing expansion projects.
- The company's existing infrastructure construction contracts are expected to provide Miner with 6 EH/s of capacity by the end of 2022, reflecting adjustments to its Argentina construction plan and expansion opportunities in Canada and Paraguay, Miner said in a statement.
- Earlier, the miner said its existing miner orders and contracted infrastructure build-out should enable a hashrate of about 7.2 EH/s, with the potential to expand to 8 EH/s by year-end.
- However, Bitfarms is still evaluating options to achieve the 8 EH/s expansion target by 2022, the statement said.
- "Our updated development activities in Argentina, Washington and Quebec continue on track to meet our quarterly EH/s targets for 2022," said president and COO Geoff Morphy. "Our business development for 2022 and into 2023 is focused on a broad portfolio of opportunities, with a diversified mix in various regions where we currently operate, as well as new geographies," he added.
- The miner's first-quarter revenue was $40 million, up 40% from the year-ago quarter, but down about 33% from the previous quarter due to the decline in the bitcoin market price in the first quarter.
- "We have grown faster than the BTC network as our hashrate was 2.7 exahash per second (EH/s) at the end of the quarter, a 22% increase from Dec. 31, 2021," Morphy said in the statement. "Today, our hash rate is 3.4 EH/s, representing a market share of about 1.5%," he said.
- Shares of the miner fell about 1.5% in early trading Monday, while bitcoin hovered around $30,000, down slightly in the last 24 hours. The stock has fallen about 60% this year, in-line with most publicly traded crypto miners.