Bitfarms Lost Over $140M in Q2 Due to Bitcoin Plunge | news

Canadian cryptocurrency mining firm Bitfarms has reported a net loss of $142 million in Q2, up $138 million since y/o/y, citing the decline in the market price of BTC during the quarter. The firm said in its earnings report that as of June 30, 2022, it held $46 million in cash and 3,144 BTC.

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During the second quarter, Bitfarms also sold 3,357 BTC for aggregate proceeds of $69 million (to pay down $62 million of its loan facility) and closed a $37 million new equipment financing agreement.

The Quebec-headquartered firm added it had installed over 10,300 miners, adding more than 900 PH/s, helped which it surpass 3.9 EH/s corporate hashrate. By the end of 2022, Bitfarms plans to raise its mining power to 6.0 EH/s.

As iHodl earlier reported, Bitfarms abandoned its “hodling strategy” due to “extreme volatility in the markets.” As part of business reorganization, Bitfarms previously had sold a total of 3,000 BTC for about $62 million and closed on its previously announced $37 million in new equipment financing with NYDIG.

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