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Bitfarms Reports Q4 Revenue Growth of 33% to $60M, Along With Margin Expansion
The miner booked full-year revenue of $169 million, up 383% versus 2021.
Canadian crypto miner Bitfarms (BITF) on Monday morning reported revenue of $60 million for the fourth quarter of 2021, up 33% from $45 million in the third quarter and up 426% from the fourth quarter of 2020.
- The company reported full-year revenue of $169 million for 2021, up 383% versus 2020.
- Operating income in Q4 was $15 million, and net income was $10 million, or $0.05 per share. Adjusted EBITDA for Q4 was $44 million, or 74% of revenue, up from $32 million, or 71% of revenue in Q3. The company mined 1,045 bitcoin (BTC) in Q4 at an average price of $8,000 per coin versus an average of $7,500 a year earlier.
- For comparison, Marathon Digital – one of the larger miners in the world – had blended mining costs of $5,087 per coin, according to an investor presentation.
- Turning to the balance sheet, Bitfarms as of year-end held $126 million in cash and 3,301 bitcoin valued at about $153 million (based on price of $46,300). The company raised $113.9 million in Q4 via the sale of 17.6 million shares through its at-the-market (ATM) program with H.C. Wainwright. Since the start of 2022, the Canadian miner raised another $25.6 million through ATM share sales.
- On January 6, the Canadian miner purchased another 1,000 bitcoin for $43 million to add to its BTC treasury holdings.
- As of March 25, the company had boosted its hashrate to 2.7 exahash per second (EH/s) versus 2.2 EH/s at the end of the year. Management believes existing miner orders and contracted infrastructure expansion should allow hashrate of about 7.2 EH/s by the end of 2022. The company target is 8.0 EH/s by year-end, and Bitfarms is looking at further development opportunities in order to be able to achieve this.
- Shares are up 13% in Monday morning trading, rising along with mining peers like Marathon Digital (MARA) and Core Scientific (CORZ), thanks to a big rally to above $47,000 for bitcoin (BTC) over the weekend.
Read more: Marathon Digital’s Q4 Revenue Rises 17% From Q3, but Misses Estimates Slightly
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
