Bitcoin mining firm Bitfarms sold $28.5 million worth of Bitcoin (BTC) in Q1 2023 to pay off its debts, as the Bitcoin price recovered. The Q1 Bitcoin rally has been a relief for Bitcoin mining companies, which had struggled for profitability after the FTX collapse. Bitfarms mined 1,297 BTC in the first quarter of 2023, but sold 1,267 BTC to repay equipment debts. The company added 3,000 new miners to increase its hashrate from 4.5 EH/s to 4.8 EH/s and aims to hit the milestone of 6.0 EH/s by the end of September 2023. Bitfarms reported a revenue of $30 million, up approximately 10% from the previous quarter's revenue.
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