Bitfarms’ losses amount to $142 million in Q2
The mining company also sold $69 million worth of BTC for partial repayment of the loan
16.08.2022 - 10:30
376
2 min
0
What’s new? Bitfarms, a mining company, has shared its financial results for Q2 2022. From April through June, Bitfarms mined 1257 bitcoins (~$30,28 million at the Binance rate as of August 16, 10:10 UTC). In this, the net loss for the three months amounted to $142 million. In the previous reporting period, it was equal to $4 million. This is reported in the company’s press release.
What other data is contained in the report? During the reporting period, the company’s revenue amounted to $42 million and the hashrate increased to 3,6 EH/s. Capacity has been increased by the construction of new facilities in Quebec. A farm in Argentina is scheduled to launch in Q4 2022. Bitfarms also reported that it has moved the delivery and payment of some of its mining equipment from Q4 2022 to 2023.
The company also reported the sale of 3357 bitcoins for a total of $69 million. Part of the funds was used to reduce its debt to the investment firm Galaxy Digital to $38 million. The company also closed a round of financing worth $37 million to buy new equipment.
What is known about Bitfarms? The bitcoin mining company was founded in 2017. The operation of Bitfarms’ data centers, located in Quebec, Paraguay, and Washington state, is more than 99% powered by hydropower. The company’s shares are traded on the US Nasdaq Stock Exchange and Canadian TSX-V under the ticker BITF at $2,08 (-4,59%) and $2,15 (+8,59%) as of August 16, respectively.
According to Blockchain.com, bitcoin mining revenue rose by 68,63% to $23,48 million from July 13 to August 12.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 990
BTC
+1.75%
-
Ethereum
$3 315.25
ETH
-0.53%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.48
XRP
+32.85%
-
Dogecoin
$0.40386
DOGE
+5.29%
-
Cardano
$0.968965
ADA
+23.17%
-
Bitcoin Cash
$487.98
BCH
+1.3%
-
Polkadot
$6.32
DOT
+8.99%
-
Stellar XLM
$0.302914
XLM
+26.5%
-
Litecoin
$90.2
LTC
+2.07%