Bitfarms reports $142 million loss for Q2

For the second quarter, Bitfarms, listed on Nasdaq and the Toronto Stock Exchange, posted a net loss of $142 million. For April–June, the mining company mined 1,257 BTC, is stated in the press release.

Total revenue was $42 million. The figure was up 4% from the result in January–March. The company’s hash rate rose by 33%, to 3.6 EH/s.

During the period, Bitfarms sold 3,357 BTC for $69 million. Previously it abandoned the strategy of accumulating Bitcoin. The proceeds were used to reduce the credit line from Galaxy Digital to $38 million.

«As we enter the second half of 2022, we remain focused on delivering our growth and maximising profitability», said Bitfarms president and chief operating officer Jeff Morphy.

The company also moved back delivery and payment of part of the mining equipment to next year.

«We have optimised resources by deferring $39 million of capital expenditures from Q4 2022 to 2023», said the company’s chief financial officer Jeff Lucas.

Earlier this spring, Arcane Research analysts included Bitfarms in the five most overvalued by the market publicly traded mining companies, according to their metric. Marathon Digital Holdings topped the anti-ranking.

In June, most public miners began selling Bitcoin holdings, liquidating 14,600 BTC.

In July, the trend continued: 5,767.9 BTC were sold with a total mined of 3,478 BTC.

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