Bitcoin mining company Bitfarms posted a net loss of $27 million in the second quarter of 2024
2024-08-11 22:43:37
Bitfarms reported a net loss of $27 million, a 16% sequential decrease or $0.07 per share, which includes a $1 million non-cash charge for reassessing warrant liabilities from financing activities in 2021 and 2023. This compares to a net loss of $6 million, or $0.02 per share, for Quarter 1 in 2024, which includes a $9 million non-cash gain from reassessing warrant liabilities. This decrease is attributed to a decrease in block rewards resulting from the BTC halving event on April 19, 2024.
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