08:01 AM EST, 03/07/2024 (MT Newswires) -- Bitfarms Ltd. ( BITF ) , a global Bitcoin vertically integrated company, reported Thursday its Q4 2023 results (in US$).

The company reported quarterly revenue of $46.2 million, a 71% increase over Q4 2022's $19.2 million.

Net loss widened to $57 million, or $(0.19) per share, from a net loss of $13 million, or $(0.06) per share, last year.

"In 2023, we set the foundation to drive significant growth through our transformational fleet upgrade and mining facility expansion," said Geoff Morphy, President and Chief Executive Officer. "To that end, we secured 35,888 ultra-efficient Bitmain T21 miners to be installed in the first half of 2024 and signed an option to purchase up to an additional 28,000 T21s for delivery in the second half 2024. Our 2024 plan targets tripling our hashrate to 21 EH/s, at least a 63% increase in operating capacity to 391 MW, and improving our fleet efficiency by 34% to 23 w/TH."