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Bitfarms reveals a nearly 400% growth in Q2 revenue

On Monday, Canadian mining company Bitfarms shared its Q2 earnings and reported that its sales had grown 396% year-over-year. Its quarterly sales added up to $36.7 million while recording a net loss of $3.7 million for the period.

The company disclosed that it had mined 759 Bitcoin at an average cost of around $9,000 per coin. It held 1,293 Bitcoin at a value of $35,057 per piece, totaling $45.3million in Bitcoin holdings as of June 30, 2021.

Chief Executive Officer of Bitfarms, Emiliano Grodzki, commented on the company’s performance:

β€œThe second quarter of 2021 was a pivotal one for our company. From the beginning of 2021 through the end of 2022, we expect to have increased our capacity eight- fold and have expanded our geographic resources throughout North and South America while continuing to pursue opportunities elsewhere.”

The head of Bitfarms operations added:

β€œWhile the price of Bitcoin continues to fluctuate, the current market is favorable to our global operation with the ban on crypto mining in China and the resultant shutdown of almost one-half of the network hash rate, allowing us to increase our market share to just above 1.5% from less than 1.0% at the beginning of the year.”

Its figures are aligned with investors expectations, Bitfarms shares responded slightly following the results and were up by a half percent in after-hours trading on Monday. Year to date, the stock has been performing exceptionally well, being up almost 240%.

The post Bitfarms reveals a nearly 400% growth in Q2 revenue appeared first on iGaming.

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Author: Peter Siu