HODL

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> Ltd., one of the prominent players in the cryptocurrency mining landscape, has <a href="https://d1io3yog0oux5.cloudfront.net/_aabf47d5492dd38af6120655032a2d02/bitfarms/news/2023-08-08_Bitfarms_Reports_Second_Quarter_2023_206.pdf" rel="noopener noreferrer nofollow">unveiled</a> their Q2 2023 financial results. While some figures reflect a challenging quarter, the strategic moves toward sustainable growth demonstrate a promising future. 
In Q2, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> mined 1,223 BTC, with an increase in their <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/" rel="noopener noreferrer nofollow">HODL</a> position by 114 BTC to 549 BTC. However, the company reported a net loss of $25 million, despite revenue amounting to $35 million and an Adjusted EBITDA of $8 million. 
Achieving a <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> of 5.3 EH/s, marking a 10% increase from the previous quarter, the company projects even more substantial growth. With a target of 7.0 EH/s in Q1 2024, <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> expects 20% sequential growth in <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> in the next quarter. 
Perhaps the most exciting development comes in the form of strategic expansions. Contracts for up to 150 MW of low-cost, eco-friendly hydropower in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a>, coupled with increased mining capacity in Argentina, reflect <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a>' commitment to sustainability. 
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Bitfarms Ltd. Charts Ambitious Growth Amid Q2 Losses

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