Bitfarms' Bitcoin Mining Revenue Fell By About 40% in June
Bitfarms' mining revenue fell by about 40% in June compared to May. While the company only mined about 2.6% of bitcoin compared to the previous month, the price of bitcoin dropped by about a third during the month.
Mining revenue is based on current bitcoin prices, which have plummeted from the $30,000 mark in early June to about $20,000 currently.
According to a statement released on Friday, the company produced a total of 420 BTC in June, which is only 2.6% less than in May. Over the same period of time, it has increased the hashing rate by 0.2 hash per second (EH/s).
Given the upcoming installation of new mining machines, it is expected that the target of the second quarter of 2022, amounting to 4.0 SH/s, will be reached within the next two weeks.
"This growth, combined with the recent decline in the overall hashrate of the network, from a 30-day moving average of about 222 EH/s to 212 EH/s, indicates that we are well positioned to gain market share and increase daily bitcoin mining in July," said Ben Gagnon, chief mining officer at Bitfarms.
The company also ended the month with about half of the bitcoins it owned previously, selling about 3,000 BTC to repay part of a $100 million loan from Galaxy Digital.
At the same time, she received an additional $37 million loan secured by mining machines.
As of June 30, Bitfarms had a total of 3,144 BTC worth about $63 million, based on the bitcoin price of $20,000. If we compare this with $188 million, based on the bitcoin price of $31,000 at the end of May, the dollar value of Bitfarms' bitcoin assets fell by about 66.5%.
https://coin-signal.com/cryptonews/bitfarms-bitcoin-mining-revenue-fell-by-about-40-in-june/
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