Bitfarms’ mining revenue fell by 40% in a month
In July, the company expects to increase its hashing speed to 4 SH/s by installing additional equipment
02.07.2022 - 08:15
329
1 min
0
What’s new? In June, Bitfarms’ mining revenue fell by almost 40% compared to May’s figures. The company mined a total of 420 BTC, down by 2,6% from the previous month. Bitfarms increased its hashrate by 0,2 EH/s during the same period. Mining revenues are based on the current bitcoin price, which dropped by 36,04% over the month to $19 090 as of July 2, 09:00 UTC, according to Binance.
What are the prospects? The company expects to reach its target of 4 SH/s in the next two weeks by installing additional equipment. Bitfarms was previously expected to reach this mark in the second quarter. Bitfarms’ chief mining officer Ben Gagnon believes that the new installations, combined with a decrease in the network’s hashrate to 214 EH/s, will allow the company to increase its daily BTC mining volume in July.
Earlier, Bitfarms confirmed the sale of 3000 bitcoins worth around $62 million and closed a $37 million funding round to buy new equipment. The company also increased its liquidity by $100 million.
In early June, some large mining companies, including Argo Blockchain and Marathon Digital, reported their intentions to sell some of the BTC mined from stocks to cover expenses.
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
$99 019
BTC
+2.04%
-
Ethereum
$3 313.61
ETH
-0.24%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.48
XRP
+32.73%
-
Dogecoin
$0.405154
DOGE
+5.9%
-
Cardano
$0.968807
ADA
+22.88%
-
Bitcoin Cash
$488.37
BCH
+1.63%
-
Polkadot
$6.31
DOT
+9.03%
-
Stellar XLM
$0.29929
XLM
+25.89%
-
Litecoin
$90.44
LTC
+2.73%