Key Takeaways:
Bitfarms, a publicly traded Bitcoin mining company, reported a $142 million net loss for the second quarter. Bitfarms reported last quarter’s net losses and a 5% increase in revenue. Some of the company’s miners will now be delivered early next year.
The second quarter’s net loss for bitcoin miner Bitfarms was $142 million, compared to the first quarter’s net income of $5 million.
The company started production at one spot and finished the second phase of development at another in Canada during the quarter, increasing its hash rate by 33% to 3.6 hexa hashes per second (EH/s).
During the quarter, Mike Novogratz’s Galaxy Digital loan was partially repaid when Quebec-based Bitfarms sold 3,357 Bitcoin for $69.3 million. According to the company’s filing with the U.S. Securities and Exchange Commission , as of June, it held 3,144 BTC, valued at roughly $62 million.
BITFARMS Q2 2022 Q2 2022 Results Presentation https://t.co/eXelrwJiCx Q2 2022 News Release https://t.co/bycz4TlfLL Q2 2022 Financial Statements https://t.co/v0yL3Rk4FK Q2 2022 Management’s Discussion & Analysis https://t.co/JeDYNfj1vK
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