Bitcoin mining company Bitfarms' total revenue in Q2 was US$42 million, down 16% from the previous quarter

Bitget App

Trade smarter

Cointime2024/08/12 04:29

By:Cointime

Bitfarms, a bitcoin mining company, released its Q2 financial report with a total revenue of $42 million, a 16% decrease compared to the previous quarter, due to the reduction in block rewards caused by the bitcoin halving event on April 19, 2024.

In addition, the Q2 net loss was $27 million, or $0.07 per share, including a $1 million non-cash expense for the revaluation of warrants liabilities in the 2021 and 2023 financing activities. In contrast, the net loss for Q1 2024 was $6 million, or $0.02 per share, including a non-cash gain of $9 million from the revaluation of warrants liabilities.

The company produced 614 BTC in Q2, with an average direct production cost of $30,600 per BTC, higher than the $18,400 per BTC in Q1. Meanwhile, due to the decrease in BTC production, the total cash cost per BTC in Q2 increased from $27,900 in Q1 to $47,300 per BTC.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Share link:In this post: A Bloomberg report suggested that Sony is working on a handheld PlayStation console that will support PS5 games. The report suggested the possibility of the device being years away from launch. Nintendo is currently the only console with a handheld device and will launch its successor next year, while Microsoft is also working on its handheld console.

Cryptopolitan•2024/11/25 16:22

UK plans to integrate crypto with traditional finance

Share link:In this post: The UK government is pushing for the integration of traditional finance and crypto assets. Bank of England and the Financial Conduct Authority launched the Digital Securities Sandbox. A Digital Assets Bill was also added to the UK Parliament.

Cryptopolitan•2024/11/25 16:22