Bitfarms Q4 earnings largely in line with expectations, stock gains over 3%

Bitfarms ( NASDAQ: BITF ) stock rose as much as 3.9% after the cryptocurrency miner posted largely in-line Q4 results , as increased hashrate pushed revenue past estimates, while efforts to strengthen its balance sheet paid off. Q4 EPS was -$0.08 vs. -$0.40 in Q3. Operating loss was $20M, down ~80% from Q3. Revenue was $27.04M, down 54.6% Y/Y and down 18% from Q3, as 13% increase in hashrate was offset by lower BTC prices and 20% increase in network difficulty. Bitfarms ( BITF ) mined 1,434 BTC in Q4 vs. 1,045 BTC in Q4 2021 and 1,515 BTC in Q3. It reached 4.7 EH/s online in early 2023. "We plan to leverage our infrastructure in Argentina and equipment credits to expand EH/s to 6.0 with our existing assets by year-end," said CEO Geoff Morphy. "With our strengthened balance sheet, we are actively evaluating potential acquisitions that we expect to be accretive." Bitfarms ( BITF ) ended February with $23M indebtedness. It paid $23M to fully extinguish its BTC-backed credit facility, paid down $8M in equipment-related indebtedness, renegotiated miner purchasing deals, settled its debt owed to BlockFi and paid off the $379K deal with Reliz for $118K. Earlier, Bitfarms ( BITF ) mining in February rose 30% Y/Y .