Bitfarms' quarterly report shows a decrease in losses
According to the work results in Q3, the net loss of Bitfarms reached $85 million. In the background of the previous reporting period, where the figure was equal to $142 million, the trend looks positive. The company announced it on its Twitter.
The reason for the negative results was the revaluation of reserves in cryptocurrency and sold digital assets. According to the report, the operating profit amount reached $10 million.
Bitfarms managed to mine 1,515 BTC in three months. The cost per coin was at the level of $14.3 thousand, which is 16% lower than in the previous reporting period.
In June, the company decided not to adhere to the accumulation strategy. According to CFO Jeff Lucas:
The company continues to work to maintain financial strength, so when the value of BTC declined, the amount of borrowed capital was reduced. Since June, $94 million has been paid off, including the repayment of high-interest loans.
During Q3, Bitfarms installed 7,000 miners and also increased its hashrate by 17%.