Bitcoin mining company Bitfarms faces $27 million net loss in second quarter of 2024

Toronto-based Bitcoin mining firm Bitfarms reported whole income of $42 million, down 16% from the earlier quarter.

This decline is attributed to the discount in block rewards because of the BTC halving occasion on April 19, 2024.

Second quarter monetary outcomes

Bitfarms reported a web lack of $27 million, or $0.07 per share, which included a $1 million non-cash cost to reassess warrant liabilities from financing occasions in 2021 and 2023. million, or $0.02 per share.

In response to official Press releaseThe corporate produced 614 BTC within the second quarter of 2024, with common direct manufacturing prices per BTC of $30,600, up from $18,400 within the first quarter. On the similar time, the entire money value per Bitcoin elevated to $47,300 within the second quarter from $27,900 within the first quarter as a result of decreased Bitcoin manufacturing.

Bitcoin rises 34% in July benefit The corporate’s Bitcoin rely reached 243 Bitcoins value $14 million, up from 189 Bitcoins valued at $11 million in June.

Contemplating the second quarter outcomes, Bitfarms Chief Monetary Officer Jeff Lucas stated:

“Our robust stability sheet and capital environment friendly progress technique present us with glorious monetary flexibility. Our 2024 progress and effectivity enchancment plans are totally funded and supply ample liquidity for infrastructure building and miner procurement , enabling us to realize 21 EH/s and 21w/TH earlier than the top of the yr.

Ben Gagnon, who took over as CEO final month, highlighted the corporate’s ongoing enlargement and diversification efforts. Bit Farm. The corporate’s newest website addition, situated in Sharon, Pennsylvania, marks Bitfarms’ first entry into the PJM area. Gagnon expressed confidence within the PJM area, calling it probably the most promising vitality market in the USA.

Bitfarms firmly pursues the trail of independence

Bitfarms is at the moment dealing with a hostile takeover try from rival Riot Platforms, which made a $950 million takeover proposal in April however later withdrew its bid, citing difficulties negotiating with Bitfarm’s present board.

In its newest report, Bitfarms reiterated its particular committee’s “unanimous resolution to proceed executing Bitfarms’ strategic plan as an impartial public firm,” whereas noting that the board and administration are prepared to contemplate any alternative that may improve shareholder worth.