Bitfarms Ltd. has restated its 2023 financial statements to correct the classification of proceeds from digital asset sales and the accounting for warrant exercises. The restatement resulted in changes to the cash flow statement and an increase in share capital and net financial expenses.Management identified a material weakness in internal controls over financial reporting related to accounting for complex transactions. Bitfarms is implementing remediation measures including expanding its finance team and engaging external consultants. The company expects to complete the remediation plan in 2024.Despite the restatement, Bitfarms reported revenue growth to $146.4 million in 2023, up 3% year-over-year. The company increased its hashrate by 44% to 6.5 EH/s and held 804 Bitcoin valued at $34 million at year-end. Bitfarms continues to expand operations globally while navigating cryptocurrency market volatility and regulatory changes.

Bitfarms Ltd. has restated its 2023 financial statements to correct the classification of proceeds from digital asset sales and the accounting for warrant exercises. The restatement resulted in changes to the cash flow statement and an increase in share capital and net financial expenses.Management identified a material weakness in internal controls over financial reporting related to accounting for complex transactions. Bitfarms is implementing remediation measures including expanding its finance team and engaging external consultants. The company expects to complete the remediation plan in 2024.Despite the restatement, Bitfarms reported revenue growth to $146.4 million in 2023, up 3% year-over-year. The company increased its hashrate by 44% to 6.5 EH/s and held 804 Bitcoin valued at $34 million at year-end. Bitfarms continues to expand operations globally while navigating cryptocurrency market volatility and regulatory changes.