Bitfarms reduced the loss in the quarter to $ 85 million

Bitfarms reduced the loss in the quarter to $ 85 million

The Bitfarms mining company recorded in the third quarter a net loss of $ 85 million against $ 142 million in the previous period.

The negative financial results of the company are mainly associated with non -monetary losses from the reassessment of cryptocurrency reserves and implemented digital assets.

Operating profit (EBITDA) for the reporting period amounted to $ 10 million.

The company mined in the third quarter 1515 BTC at the total cost of production $ 14,300 per coin. Compared to the second quarter, mining costs was reduced by 16% – from $ 17,000/BTC.

For July-September, Bitfarms sold 2595 BTC. On September 30, the company’s reserves amounted to $ 36 million in cash and 2064 BTC. The company in June abandoned the strategy for accumulating cryptocurrency.

“We are still unshakable in our determination to maintain financial stability and flexibility. When the price of X rules of a safe BTC began to decline, we began to reduce the share of borrowed funds in the balance sheet. From June 1, we paid a debt of $ 94 million, including the full repayment of loans with the highest rate, ”said the financial director of Bitfarms, Jeff Lucas.

According to him, this will reduce interest payments by $ 9 million in annual calculus.

In the third quarter, the company increased the hashrate by 17% – up to 4.2 eh/s. For three months, Bitfarms received and installed about 7,000 ASIC mainers.

By the end of 2022, the company expects to complete the construction of the necessary infrastructure for increasing capacities up to 5 EH/S.

Recall, according to the results of the third quarter, the Marathon Digital Holdings Bitcoin Mainer reduced the loss of more than doubled (to $ 75.4 million), and Riot Blockchain immediately ($ 36.6) immediately ($ 36.6).

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.

Leave a Reply

Your email address will not be published. Required fields are marked *