Bitcoin mining company Bitfarms' total revenue in Q2 was US$42 million, down 16% from the previous quarter
Bitfarms, a bitcoin mining company, released its Q2 financial report with a total revenue of $42 million, a 16% decrease compared to the previous quarter, due to the reduction in block rewards caused by the bitcoin halving event on April 19, 2024.
In addition, the Q2 net loss was $27 million, or $0.07 per share, including a $1 million non-cash expense for the revaluation of warrants liabilities in the 2021 and 2023 financing activities. In contrast, the net loss for Q1 2024 was $6 million, or $0.02 per share, including a non-cash gain of $9 million from the revaluation of warrants liabilities.
The company produced 614 BTC in Q2, with an average direct production cost of $30,600 per BTC, higher than the $18,400 per BTC in Q1. Meanwhile, due to the decrease in BTC production, the total cash cost per BTC in Q2 increased from $27,900 in Q1 to $47,300 per BTC.
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