Bitfarms Posts $142 Million Loss

Bitfarms Posts $142 Million Loss

Bitcoin miner Bitfarms posted a net loss of $142 million in Q2 2022.

Bitfarms Posts $142 Million Loss

Bitfarms was the second mining company in short succession that posted poor numbers in the last quarter due to falling crypto prices.

Mining company Greenidge reported lower-than-anticipated mining revenues, and Bitfarms was no different. The company published information of a $142 million net loss in the last quarter, despite a 5% increase in revenue. Its hashrate increased by 33% to 3.6 EH/s due to the start of production at one location in Canada and the completion of development at another.

According to COO Geoff Morphy, the 1,257 BTC mined in the second quarter completely offset weaker prices and put the company in a good position to " take advantage of current market conditions, as potential opportunities for consolidation come up."

Echoing what colleagues from other mining companies said, Morphy announced that Bitfarms is going to maximize profitability in the latter half of the year.

Bitfarms is constructing two warehouses in Argentina and is on target to reach 6.0 EH/s by the end of the year.

Furthermore, the company deleveraged its balance sheet by selling 3,357 BTC during the second quarter and paying a Bitcoin-backed loan from Galaxy down to $38 million. That added to its $37 million equipment financing agreement in the last quarter.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
3 people liked this article