Bitcoin mining company Bitfarms released Q2 earnings, with total revenue of $42 million for the quarter, a decrease of 16% compared to the previous quarter, due to the decrease in block rewards caused by the bitcoin halving event on April 19, 2024.
In addition, Q2 net loss was $27 million, or $0.07 per share, which includes a $1 million non-cash charge for the revaluation of warrant liabilities from financing activities in 2021 and 2023. In comparison, Q1 2024 net loss was $6 million, or $0.02 per share, which includes a $9 million non-cash gain from the revaluation of warrant liabilities.
The company produced 614 BTC in Q2, with an average direct production cost of $30,600 per BTC, up from $18,400 in Q1. At the same time, the total cash cost per BTC in Q2 increased from $27,900 in Q1 to $47,300 due to lower BTC production.
Bitcoin mining company Bitfarms Q2's total revenue was $42 million, down 16% month-on-month.
2024-08-12 03:42:09
Bitcoin mining companies bitfarms release q2 earnings quarterly total revenuedesk3cryptocurrencydesktopCrypto News
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