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

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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.

Bitfarms’ 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.

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