Bitfarms Registers 426% Revenue Growth In Q4 Backed By Increasing Hash Rate

• Bitfarms Ltd (NASDAQ:BITF) reported fourth-quarter FY21 revenue growth of 426% year-on-year to $60 million. Revenues improved 33% Q/Q.
• Bitfarms mined 1,045 Bitcoin (BTC) at an average cost of production of $8,000 per BTC.
• The gross margin expanded by 4,100 bps to 65%. The gross mining margin improved by 3,100 bps to 84%.
• The operating margin expanded by 2,200 bps to 25%. Adjusted EBITDA margin expanded 4,300 bps to 74%.
• Bitfarms held $126 million in cash and 3,301 BTC valued at ~$153 million.
• COO Geoff Morphy said, "We drove growth by increasing our hash rate 131% in 2021, and we estimate that we expanded our market share from ~0.6% share of the BTC network to ~1.2% share from year-end 2020 to year-end 2021. From our original base of operations in Canada, we have made significant investments in the United States, Paraguay, and Argentina."
• The crypto-related stocks traded higher in sympathy with the Bitcoin and Ethereum prices.
• Price Action: BITF shares traded higher by 8.04% at $4.03 in the premarket on the last check Monday.